Canal Insurance CO Sells 5,150 Shares of Northrop Grumman Co. (NYSE:NOC)

Canal Insurance CO reduced its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 10.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,093 shares of the aerospace company’s stock after selling 5,150 shares during the quarter. Northrop Grumman comprises about 5.5% of Canal Insurance CO’s portfolio, making the stock its 2nd biggest position. Canal Insurance CO’s holdings in Northrop Grumman were worth $21,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Two Sigma Advisers LP increased its stake in shares of Northrop Grumman by 102.6% during the 3rd quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company’s stock worth $388,448,000 after purchasing an additional 372,500 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Northrop Grumman by 6.2% during the third quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock worth $1,315,729,000 after purchasing an additional 141,816 shares during the period. Wedge Capital Management L L P NC acquired a new position in Northrop Grumman in the 4th quarter valued at $66,171,000. International Assets Investment Management LLC acquired a new stake in Northrop Grumman during the fourth quarter worth about $622,000. Finally, National Bank of Canada FI boosted its position in shares of Northrop Grumman by 154.7% during the 3rd quarter. National Bank of Canada FI now owns 157,601 shares of the aerospace company’s stock worth $83,224,000 after acquiring an additional 95,724 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Northrop Grumman Price Performance

NYSE:NOC opened at $503.09 on Tuesday. The company has a 50 day moving average price of $478.66 and a 200-day moving average price of $496.86. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.09 and a quick ratio of 0.97. Northrop Grumman Co. has a 1-year low of $418.60 and a 1-year high of $555.57. The firm has a market cap of $73.30 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 0.95 and a beta of 0.35.

Northrop Grumman announced that its Board of Directors has authorized a stock buyback program on Wednesday, December 11th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the aerospace company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Northrop Grumman Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd were given a dividend of $2.06 per share. This represents a $8.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Monday, December 2nd. Northrop Grumman’s payout ratio is presently 51.05%.

Insider Buying and Selling at Northrop Grumman

In other news, VP Benjamin R. Davies sold 1,156 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $532.93, for a total transaction of $616,067.08. Following the completion of the transaction, the vice president now directly owns 537 shares of the company’s stock, valued at approximately $286,183.41. The trade was a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 1,255 shares of company stock valued at $663,859 over the last 90 days. 0.22% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NOC shares. JPMorgan Chase & Co. upped their price target on shares of Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Susquehanna lowered their target price on Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Citigroup raised shares of Northrop Grumman from a “neutral” rating to a “buy” rating and set a $587.00 target price on the stock in a research report on Tuesday, January 21st. Truist Financial initiated coverage on Northrop Grumman in a research note on Tuesday, January 14th. They issued a “buy” rating and a $544.00 target price on the stock. Finally, Royal Bank of Canada lifted their target price on Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Northrop Grumman presently has a consensus rating of “Moderate Buy” and an average price target of $550.94.

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.