Allspring Global Investments Holdings LLC Decreases Stock Position in Northrop Grumman Co. (NYSE:NOC)

Allspring Global Investments Holdings LLC reduced its position in Northrop Grumman Co. (NYSE:NOC) by 10.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 102,609 shares of the aerospace company’s stock after selling 12,340 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Northrop Grumman were worth $48,022,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC purchased a new position in Northrop Grumman in the 3rd quarter worth approximately $31,000. FSA Wealth Management LLC purchased a new position in Northrop Grumman in the 3rd quarter worth approximately $36,000. Albion Financial Group UT purchased a new position in Northrop Grumman in the 4th quarter worth approximately $33,000. Catalyst Capital Advisors LLC purchased a new position in Northrop Grumman in the 3rd quarter worth approximately $40,000. Finally, Modus Advisors LLC purchased a new position in Northrop Grumman in the 4th quarter worth approximately $38,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Northrop Grumman Stock Down 3.6 %

NOC opened at $454.09 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 1.01. Northrop Grumman Co. has a fifty-two week low of $418.60 and a fifty-two week high of $555.57. The firm’s fifty day moving average is $476.15 and its 200 day moving average is $499.78. The stock has a market cap of $65.73 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 3.00 and a beta of 0.35.

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, beating 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%. On average, sell-side analysts forecast that Northrop Grumman Co. will post 27.94 earnings per share for the current fiscal year.

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

Northrop Grumman Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were paid a dividend of $2.06 per share. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, December 2nd. Northrop Grumman’s dividend payout ratio (DPR) is 29.08%.

Analysts Set New Price Targets

A number of research firms have commented on NOC. Royal Bank of Canada lifted their target price on shares of Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Wolfe Research raised shares of Northrop Grumman from an “underperform” rating to a “peer perform” rating in a research report on Monday, February 3rd. UBS Group cut their target price on shares of Northrop Grumman from $579.00 to $558.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Wells Fargo & Company cut their target price on shares of Northrop Grumman from $595.00 to $574.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Finally, Truist Financial began coverage on shares of Northrop Grumman in a research report on Tuesday, January 14th. They issued a “buy” rating and a $544.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Northrop Grumman has a consensus rating of “Moderate Buy” and an average target price of $544.56.

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.