Fifth Third Bancorp Cuts Stock Position in Northrop Grumman Co. (NYSE:NOC)

Fifth Third Bancorp decreased its holdings in Northrop Grumman Co. (NYSE:NOC) by 25.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,190 shares of the aerospace company’s stock after selling 8,159 shares during the quarter. Fifth Third Bancorp’s holdings in Northrop Grumman were worth $11,352,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NOC. RPg Family Wealth Advisory LLC acquired a new position in shares of Northrop Grumman in the third quarter worth $31,000. Albion Financial Group UT purchased a new position in Northrop Grumman in the fourth quarter valued at $33,000. FSA Wealth Management LLC acquired a new position in Northrop Grumman during the 3rd quarter worth $36,000. Modus Advisors LLC purchased a new stake in Northrop Grumman during the 4th quarter worth about $38,000. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of Northrop Grumman in the 3rd quarter valued at about $40,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Northrop Grumman Price Performance

Shares of NYSE:NOC opened at $497.13 on Friday. Northrop Grumman Co. has a one year low of $418.60 and a one year high of $555.57. The stock has a market capitalization of $72.43 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 0.95 and a beta of 0.35. The company has a 50-day simple moving average of $478.66 and a 200-day simple moving average of $495.86. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.97 and a current ratio of 1.09.

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, topping analysts’ consensus estimates of $6.07 by $0.93. The company had revenue of $10 billion during the quarter, compared to analysts’ expectations of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the firm earned $6.18 EPS. On average, analysts predict that Northrop Grumman Co. will post 25.96 EPS for the current year.

Northrop Grumman Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were given a $2.06 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 dividend on an annualized basis and a yield of 1.66%. Northrop Grumman’s dividend payout ratio (DPR) is 51.05%.

Northrop Grumman declared that its Board of Directors has initiated a share repurchase program on Wednesday, December 11th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the aerospace company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NOC. Susquehanna reduced their target price on shares of Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. UBS Group raised their price objective on shares of Northrop Grumman from $614.00 to $643.00 and gave the company a “buy” rating in a report on Friday, October 25th. Truist Financial assumed coverage on shares of Northrop Grumman in a research note on Tuesday, January 14th. They set a “buy” rating and a $544.00 target price for the company. Wells Fargo & Company upgraded Northrop Grumman from an “equal weight” rating to an “overweight” rating and set a $595.00 price target on the stock in a research note on Wednesday, January 8th. Finally, Citigroup raised Northrop Grumman from a “neutral” rating to a “buy” rating and set a $587.00 target price on the stock in a research report on Tuesday, January 21st. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $550.94.

Insiders Place Their Bets

In other news, VP Benjamin R. Davies sold 1,156 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $532.93, for a total transaction of $616,067.08. Following the transaction, the vice president now directly owns 537 shares in the company, valued at $286,183.41. The trade was a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 1,255 shares of company stock worth $663,859. 0.22% of the stock is owned by insiders.

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.