Hennion & Walsh Asset Management Inc. has increased its holdings in Northrop Grumman Corporation (NYSE:NOC) by 23.2%, elevating its investment to approximately $5.8 million as of the close of the third quarter. The asset management firm now owns a total of 9,512 shares after acquiring an additional 1,792 shares during the reporting period.
The investment landscape for Northrop Grumman has seen notable changes, with various institutional investors adjusting their positions. Parvin Asset Management LLC entered the fray with a new stake valued at around $25,000 during the second quarter. Other firms, such as NewSquare Capital LLC, increased their holdings by 75%, now owning 63 shares worth $31,000 after purchasing an additional 27 shares. Meanwhile, Twin Peaks Wealth Advisors LLC and Flaharty Asset Management LLC also acquired new positions, each valued at approximately $31,000 and $36,000, respectively.
A significant percentage of Northrop Grumman’s ownership lies with institutional investors, who control 83.4% of the company’s stock. Analysts across various brokerages have weighed in on the stock’s performance, with JPMorgan Chase & Co. raising their price target from $575.00 to $640.00 while maintaining a “neutral” rating. Other firms, such as BTIG Research and UBS Group, have issued “buy” ratings with price targets reaching as high as $770.00.
Analyst Ratings and Stock Performance
Research from MarketBeat indicates that Northrop Grumman has garnered an average rating of “Moderate Buy,” with two analysts recommending a strong buy, thirteen suggesting a buy, and six maintaining a hold rating. The consensus target price for the stock is currently $651.18.
In terms of stock performance, Northrop Grumman opened at $610.95 on Tuesday. The company’s market capitalization stands at $87.20 billion, with a price-to-earnings ratio of 21.98 and a beta of 0.05. Over the past year, the stock has fluctuated between a low of $426.24 and a high of $640.90.
Northrop Grumman recently released its quarterly earnings results on October 21, 2023, reporting earnings per share (EPS) of $7.67, surpassing analyst expectations of $6.43 by $1.24. The company achieved a net margin of 9.82% and a return on equity of 25.49% for the quarter, with total revenue reaching $10.42 billion.
Insider Activities and Dividend Announcement
In insider trading news, Director Mark A. Welsh III sold 97 shares of Northrop Grumman on November 24, 2023, at an average price of $564.08, totaling approximately $54,715.76. Following this transaction, Welsh retains 4,281 shares valued at around $2,414,826.48. The insider ownership of the company stands at 0.23%.
Additionally, Northrop Grumman declared a quarterly dividend of $2.31, which was distributed on December 17, 2023, to shareholders recorded as of December 1, 2023. This marks an annualized dividend of $9.24 and a dividend yield of 1.5%. The company’s dividend payout ratio is reported at 33.24%.
Northrop Grumman Corporation is a prominent player in the aerospace and defense sector, involved in the design, construction, and maintenance of advanced systems for both government and commercial clients. The company’s extensive portfolio includes manned and unmanned aircraft, space systems, missile defense, and various advanced technologies.
