Lumbard & Kellner LLC Reduces Stake in Northrop Grumman Co. (NYSE:NOC)

Lumbard & Kellner LLC lessened its holdings in Northrop Grumman Co. (NYSE:NOC) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,556 shares of the aerospace company’s stock after selling 103 shares during the quarter. Northrop Grumman comprises approximately 2.6% of Lumbard & Kellner LLC’s investment portfolio, making the stock its 13th largest holding. Lumbard & Kellner LLC’s holdings in Northrop Grumman were worth $5,474,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Optimum Investment Advisors grew its stake in shares of Northrop Grumman by 241.2% during the 2nd quarter. Optimum Investment Advisors now owns 58 shares of the aerospace company’s stock worth $25,000 after purchasing an additional 41 shares during the period. Bank & Trust Co purchased a new position in Northrop Grumman in the 2nd quarter valued at $28,000. Frazier Financial Advisors LLC purchased a new stake in Northrop Grumman during the 4th quarter valued at about $29,000. Meeder Asset Management Inc. grew its position in shares of Northrop Grumman by 245.5% in the second quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock valued at $33,000 after purchasing an additional 54 shares in the last quarter. Finally, Rise Advisors LLC purchased a new position in shares of Northrop Grumman during the 1st quarter worth $38,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Thomas H. Jones sold 1,389 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $477.56, for a total value of $663,330.84. Following the completion of the sale, the vice president now directly owns 6,755 shares of the company’s stock, valued at $3,225,917.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Thomas H. Jones sold 1,389 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $477.56, for a total transaction of $663,330.84. Following the completion of the sale, the vice president now owns 6,755 shares of the company’s stock, valued at approximately $3,225,917.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas H. Jones sold 1,390 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $500.00, for a total transaction of $695,000.00. Following the transaction, the vice president now directly owns 4,634 shares of the company’s stock, valued at approximately $2,317,000. The disclosure for this sale can be found here. Insiders sold 2,846 shares of company stock worth $1,393,028 over the last ninety days. Corporate insiders own 0.22% of the company’s stock.

Northrop Grumman Price Performance

Northrop Grumman stock opened at $521.50 on Tuesday. The stock has a market capitalization of $77.18 billion, a P/E ratio of 36.47, a P/E/G ratio of 2.36 and a beta of 0.34. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.11 and a quick ratio of 0.99. Northrop Grumman Co. has a 12-month low of $414.56 and a 12-month high of $528.76. The firm’s 50-day moving average is $488.54 and its two-hundred day moving average is $468.04.

Northrop Grumman (NYSE:NOC) last released its quarterly earnings data on Thursday, July 25th. The aerospace company reported $6.36 EPS for the quarter, topping analysts’ consensus estimates of $5.93 by $0.43. Northrop Grumman had a return on equity of 25.44% and a net margin of 5.61%. The company had revenue of $10.22 billion for the quarter, compared to the consensus estimate of $10.02 billion. During the same period last year, the business posted $5.34 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities analysts predict that Northrop Grumman Co. will post 25.14 earnings per share for the current year.

Northrop Grumman Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Tuesday, September 3rd will be issued a $2.06 dividend. This represents a $8.24 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Tuesday, September 3rd. Northrop Grumman’s dividend payout ratio is presently 57.62%.

Analyst Upgrades and Downgrades

NOC has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on Northrop Grumman from $467.00 to $509.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Sanford C. Bernstein downgraded Northrop Grumman from an “outperform” rating to a “market perform” rating and set a $477.00 price target on the stock. in a report on Friday, June 21st. Royal Bank of Canada boosted their target price on shares of Northrop Grumman from $475.00 to $500.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised Northrop Grumman from a “hold” rating to a “buy” rating and raised their price objective for the stock from $474.00 to $575.00 in a report on Monday, July 29th. Finally, BTIG Research started coverage on Northrop Grumman in a research note on Wednesday, June 26th. They set a “buy” rating and a $565.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Northrop Grumman has a consensus rating of “Hold” and a consensus target price of $523.20.

About Northrop Grumman

Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company’s Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.