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

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

Several other hedge funds have also modified their holdings of NOC. Wellington Management Group LLP boosted its position in Northrop Grumman by 0.4% in the 3rd quarter. Wellington Management Group LLP now owns 4,140,892 shares of the aerospace company’s stock valued at $2,186,681,000 after buying an additional 17,596 shares during the last quarter. Geode Capital Management LLC lifted its stake in Northrop Grumman by 0.6% in the third quarter. Geode Capital Management LLC now owns 3,003,360 shares of the aerospace company’s stock valued at $1,581,644,000 after buying an additional 18,791 shares during the last quarter. Franklin Resources Inc. boosted its stake in Northrop Grumman by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock valued at $1,315,729,000 after purchasing an additional 141,816 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Northrop Grumman by 0.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 809,445 shares of the aerospace company’s stock worth $427,444,000 after acquiring an additional 3,211 shares during the period. Finally, Two Sigma Advisers LP increased its stake in Northrop Grumman by 102.6% during the 3rd quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company’s stock valued at $388,448,000 after buying an additional 372,500 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on NOC shares. Citigroup upgraded shares of Northrop Grumman from a “neutral” rating to a “buy” rating and set a $587.00 price target for the company in a research report on Tuesday, January 21st. Susquehanna lowered their price target on Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. JPMorgan Chase & Co. increased their target price on shares of Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Barclays cut their price target on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, Truist Financial started coverage on Northrop Grumman in a research report on Tuesday, January 14th. They set a “buy” rating and a $544.00 target price for the company. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $550.94.

Insider Activity at Northrop Grumman

In other news, VP Benjamin R. Davies sold 1,156 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the sale, the vice president now owns 537 shares in the company, valued at $286,183.41. This represents a 68.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 1,255 shares of company stock worth $663,859 in the last 90 days. Corporate insiders own 0.22% of the company’s stock.

Northrop Grumman Stock Performance

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

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. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 annualized dividend and a yield of 1.64%. Northrop Grumman’s payout ratio is 51.05%.

Northrop Grumman declared that its board has authorized a stock repurchase program on Wednesday, December 11th that allows the company to repurchase $3.00 billion in 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 usually a sign that the company’s leadership believes its shares are 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.