CIBC Asset Management Inc Boosts Position in Northrop Grumman Co. (NYSE:NOC)

CIBC Asset Management Inc lifted its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,597 shares of the aerospace company’s stock after acquiring an additional 1,382 shares during the period. CIBC Asset Management Inc’s holdings in Northrop Grumman were worth $10,877,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of NOC. Optimum Investment Advisors raised its holdings in Northrop Grumman by 241.2% in the 2nd quarter. Optimum Investment Advisors now owns 58 shares of the aerospace company’s stock valued at $25,000 after buying an additional 41 shares during the period. Bank & Trust Co acquired a new position in Northrop Grumman in the 2nd quarter valued at about $28,000. Meeder Asset Management Inc. grew its position in Northrop Grumman by 245.5% in the 2nd quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock valued at $33,000 after acquiring an additional 54 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Northrop Grumman in the 3rd quarter valued at about $40,000. Finally, Strategic Financial Concepts LLC acquired a new position in Northrop Grumman in the 2nd quarter valued at about $47,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Northrop Grumman Stock Performance

Shares of Northrop Grumman stock opened at $493.99 on Friday. The firm has a market capitalization of $71.97 billion, a P/E ratio of 30.61, a P/E/G ratio of 1.05 and a beta of 0.35. Northrop Grumman Co. has a 52 week low of $418.60 and a 52 week high of $555.57. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $523.27 and its two-hundred day moving average is $486.19.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 earnings per share for the quarter, beating the consensus estimate of $6.07 by $0.93. The business had revenue of $10 billion during the quarter, compared to the consensus estimate of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $6.18 earnings per share. Research analysts forecast that Northrop Grumman Co. will post 25.95 EPS for the current fiscal year.

Northrop Grumman Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Tuesday, September 3rd were issued a $2.06 dividend. This represents a $8.24 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Tuesday, September 3rd. Northrop Grumman’s payout ratio is currently 51.05%.

Insider Activity

In other news, VP Benjamin R. Davies sold 1,156 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the sale, the vice president now directly owns 537 shares of the company’s stock, valued at approximately $286,183.41. This represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 1,289 shares of company stock valued at $685,273. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NOC has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on Northrop Grumman from $500.00 to $560.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Alembic Global Advisors downgraded Northrop Grumman from an “overweight” rating to a “neutral” rating and set a $560.00 target price for the company. in a research report on Tuesday, August 27th. Citigroup lifted their target price on Northrop Grumman from $521.00 to $587.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Wells Fargo & Company lifted their target price on Northrop Grumman from $509.00 to $565.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, StockNews.com upgraded shares of Northrop Grumman from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Northrop Grumman presently has a consensus rating of “Hold” and an average price target of $550.56.

Northrop Grumman Company Profile

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.