Mechanics Bank Trust Department Sells 120 Shares of Northrop Grumman Co. (NYSE:NOC)

Mechanics Bank Trust Department decreased its position in shares of Northrop Grumman Co. (NYSE:NOC) by 5.0% in the 4th quarter, HoldingsChannel reports. The firm owned 2,300 shares of the aerospace company’s stock after selling 120 shares during the quarter. Mechanics Bank Trust Department’s holdings in Northrop Grumman were worth $1,079,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. RPg Family Wealth Advisory LLC acquired a new position in Northrop Grumman during the third quarter worth about $31,000. FSA Wealth Management LLC acquired a new position in Northrop Grumman during the third quarter worth about $36,000. Modus Advisors LLC acquired a new position in Northrop Grumman during the fourth quarter worth about $38,000. Catalyst Capital Advisors LLC acquired a new position in Northrop Grumman during the third quarter worth about $40,000. Finally, True Wealth Design LLC acquired a new position in Northrop Grumman during the third quarter worth about $53,000. Institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on NOC. Royal Bank of Canada boosted their target price on Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Barclays lowered their price objective on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. TD Cowen raised Northrop Grumman to a “hold” rating in a research note on Tuesday, October 8th. UBS Group upped their price objective on Northrop Grumman from $614.00 to $643.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. upped their price objective on Northrop Grumman from $500.00 to $560.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $550.94.

Insider Buying and Selling

In related news, VP Benjamin R. Davies sold 1,156 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the transaction, the vice president now directly owns 537 shares in the company, valued at $286,183.41. This trade represents a 68.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,255 shares of company stock worth $663,859 in the last ninety days. Corporate insiders own 0.22% of the company’s stock.

Northrop Grumman Price Performance

Northrop Grumman stock opened at $482.49 on Monday. The stock has a market capitalization of $70.30 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 0.87 and a beta of 0.35. Northrop Grumman Co. has a 52-week low of $418.60 and a 52-week high of $555.57. The stock’s 50 day moving average price is $480.55 and its two-hundred day moving average price is $494.10. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.97 and a current ratio of 1.09.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings results on Thursday, October 24th. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. The firm had revenue of $10 billion for the quarter, compared to analysts’ expectations of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $6.18 EPS. On average, equities analysts predict that Northrop Grumman Co. will post 25.93 earnings per share for the current year.

Northrop Grumman Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were issued a $2.06 dividend. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Monday, December 2nd. Northrop Grumman’s dividend payout ratio is currently 51.05%.

Northrop Grumman announced that its board has approved a share repurchase plan on Wednesday, December 11th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the aerospace company to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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.