Redmond Asset Management LLC Buys New Holdings in Northrop Grumman Co. (NYSE:NOC)

Redmond Asset Management LLC bought a new stake in Northrop Grumman Co. (NYSE:NOC) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 978 shares of the aerospace company’s stock, valued at approximately $459,000.

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

Northrop Grumman Price Performance

Northrop Grumman stock opened at $448.59 on Friday. Northrop Grumman Co. has a one year low of $418.60 and a one year high of $555.57. The business has a fifty day moving average price of $471.03 and a 200-day moving average price of $497.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.01 and a quick ratio of 0.91. The firm has a market capitalization of $64.94 billion, a P/E ratio of 15.83, a PEG ratio of 3.73 and a beta of 0.35.

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

Northrop Grumman announced that its Board of Directors has initiated a share buyback program on Wednesday, December 11th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Northrop Grumman Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Monday, March 3rd will be given a $2.06 dividend. The ex-dividend date is Monday, March 3rd. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.84%. Northrop Grumman’s dividend payout ratio (DPR) is presently 29.08%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOC. Susquehanna decreased their price objective on Northrop Grumman from $625.00 to $557.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. UBS Group decreased their price objective on Northrop Grumman from $579.00 to $558.00 and set a “buy” rating for the company in a report on Friday, January 31st. Truist Financial started coverage on Northrop Grumman in a report on Tuesday, January 14th. They set a “buy” rating and a $544.00 price objective for the company. Wolfe Research upgraded Northrop Grumman from an “underperform” rating to a “peer perform” rating in a research note on Monday, February 3rd. Finally, Wells Fargo & Company cut their target price on Northrop Grumman from $595.00 to $574.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $544.56.

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.