State of Michigan Retirement System Sells 200 Shares of Northrop Grumman Co. (NYSE:NOC)

State of Michigan Retirement System reduced its stake in Northrop Grumman Co. (NYSE:NOC) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,618 shares of the aerospace company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Northrop Grumman were worth $18,485,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. London Co. of Virginia bought a new stake in Northrop Grumman during the 3rd quarter valued at $165,786,000. Gulf International Bank UK Ltd boosted its holdings in shares of Northrop Grumman by 1,402.9% during the first quarter. Gulf International Bank UK Ltd now owns 12,925 shares of the aerospace company’s stock worth $6,186,000 after purchasing an additional 12,065 shares during the period. Fisher Asset Management LLC grew its stake in shares of Northrop Grumman by 7,574.5% in the fourth quarter. Fisher Asset Management LLC now owns 123,637 shares of the aerospace company’s stock worth $57,879,000 after purchasing an additional 122,026 shares during the last quarter. Raymond James Trust N.A. increased its holdings in Northrop Grumman by 19.7% during the 4th quarter. Raymond James Trust N.A. now owns 16,515 shares of the aerospace company’s stock valued at $7,731,000 after purchasing an additional 2,723 shares during the period. Finally, Red Mountain Financial LLC bought a new position in Northrop Grumman during the 4th quarter valued at approximately $264,000. Institutional investors own 83.40% of the company’s stock.

Northrop Grumman Price Performance

Shares of NOC opened at $437.37 on Wednesday. The firm has a market cap of $64.73 billion, a PE ratio of 30.59, a P/E/G ratio of 2.03 and a beta of 0.33. Northrop Grumman Co. has a 1-year low of $414.56 and a 1-year high of $496.89. The company has a current ratio of 1.13, a quick ratio of 1.02 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $455.35 and a two-hundred day simple moving average of $458.91.

Northrop Grumman (NYSE:NOC) last posted its earnings results on Thursday, April 25th. The aerospace company reported $6.32 earnings per share for the quarter, beating analysts’ consensus estimates of $5.83 by $0.49. The company had revenue of $10.13 billion for the quarter, compared to the consensus estimate of $9.77 billion. Northrop Grumman had a return on equity of 24.09% and a net margin of 5.38%. Northrop Grumman’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.50 earnings per share. On average, equities analysts anticipate that Northrop Grumman Co. will post 24.7 EPS for the current year.

Northrop Grumman Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Tuesday, May 28th were given a $2.06 dividend. The ex-dividend date was Friday, May 24th. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.87. This represents a $8.24 annualized dividend and a yield of 1.88%. Northrop Grumman’s dividend payout ratio (DPR) is presently 57.62%.

Wall Street Analyst Weigh In

NOC has been the topic of a number of recent analyst reports. BTIG Research began coverage on Northrop Grumman in a research report on Wednesday, June 26th. They issued a “buy” rating and a $565.00 price objective on the stock. Susquehanna upped their price objective on shares of Northrop Grumman from $540.00 to $560.00 and gave the stock a “positive” rating in a report on Friday, April 26th. Alembic Global Advisors upgraded Northrop Grumman from a “neutral” rating to an “overweight” rating and set a $532.00 target price for the company in a research note on Monday, April 22nd. Royal Bank of Canada boosted their price target on Northrop Grumman from $450.00 to $475.00 and gave the stock a “sector perform” rating in a research report on Friday, April 26th. Finally, Robert W. Baird boosted their target price on Northrop Grumman from $475.00 to $505.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Northrop Grumman currently has an average rating of “Hold” and a consensus price target of $510.36.

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.