Corebridge Financial Inc. Sells 1,631 Shares of Northrop Grumman Co. (NYSE:NOC)

Corebridge Financial Inc. trimmed its holdings in Northrop Grumman Co. (NYSE:NOC) by 4.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 31,477 shares of the aerospace company’s stock after selling 1,631 shares during the quarter. Corebridge Financial Inc.’s holdings in Northrop Grumman were worth $14,772,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Northrop Grumman by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,677,781 shares of the aerospace company’s stock worth $5,949,556,000 after purchasing an additional 56,807 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Northrop Grumman by 0.4% in the third quarter. Wellington Management Group LLP now owns 4,140,892 shares of the aerospace company’s stock worth $2,186,681,000 after buying an additional 17,596 shares during the period. Geode Capital Management LLC lifted its stake in shares of Northrop Grumman by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,003,360 shares of the aerospace company’s stock valued at $1,581,644,000 after acquiring an additional 18,791 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Northrop Grumman by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock valued at $1,315,729,000 after acquiring an additional 141,816 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Northrop Grumman by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 832,463 shares of the aerospace company’s stock worth $390,667,000 after acquiring an additional 23,018 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Northrop Grumman Price Performance

Shares of NOC stock opened at $506.88 on Wednesday. The business’s fifty day moving average is $476.25 and its 200 day moving average is $492.88. The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 0.96. The stock has a market cap of $73.37 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 3.73 and a beta of 0.31. Northrop Grumman Co. has a twelve month low of $418.60 and a twelve month high of $555.57.

Northrop Grumman (NYSE:NOC) last released its earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share for the quarter, topping analysts’ consensus estimates of $6.27 by $0.12. Northrop Grumman had a net margin of 10.17% and a return on equity of 26.24%. Research analysts expect that Northrop Grumman Co. will post 28.05 EPS for the current fiscal year.

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

Northrop Grumman Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd were given a $2.06 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.63%. Northrop Grumman’s dividend payout ratio is currently 29.08%.

Insider Buying and Selling

In other Northrop Grumman news, CEO Kathy J. Warden sold 3,750 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $475.65, for a total value of $1,783,687.50. Following the sale, the chief executive officer now directly owns 212,852 shares of the company’s stock, valued at approximately $101,243,053.80. The trade was a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Benjamin R. Davies sold 192 shares of Northrop Grumman stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $429.08, for a total value of $82,383.36. Following the completion of the transaction, the vice president now directly owns 709 shares of the company’s stock, valued at approximately $304,217.72. This represents a 21.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,505 shares of company stock worth $2,126,405 in the last 90 days. Insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NOC. Argus upgraded Northrop Grumman to a “strong-buy” rating in a research report on Wednesday, February 26th. Truist Financial initiated coverage on shares of Northrop Grumman in a research report on Tuesday, January 14th. They set a “buy” rating and a $544.00 price target for the company. Susquehanna decreased their price objective on shares of Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company upped their price objective on shares of Northrop Grumman from $545.00 to $547.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, UBS Group cut their target price on Northrop Grumman from $579.00 to $558.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Northrop Grumman has an average rating of “Moderate Buy” and a consensus price target of $542.88.

Northrop Grumman 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.