Drive Wealth Management LLC Buys Shares of 1,052 Northrop Grumman Corporation $NOC

Drive Wealth Management LLC purchased a new position in shares of Northrop Grumman Corporation (NYSE:NOC) in the second quarter, HoldingsChannel reports. The institutional investor purchased 1,052 shares of the aerospace company’s stock, valued at approximately $526,000.

Several other hedge funds also recently modified their holdings of the business. Capital Investment Advisors LLC increased its position in Northrop Grumman by 1.0% during the second quarter. Capital Investment Advisors LLC now owns 2,049 shares of the aerospace company’s stock worth $1,025,000 after acquiring an additional 20 shares during the period. Tyche Wealth Partners LLC increased its holdings in shares of Northrop Grumman by 2.5% during the 2nd quarter. Tyche Wealth Partners LLC now owns 830 shares of the aerospace company’s stock worth $415,000 after purchasing an additional 20 shares during the period. Princeton Global Asset Management LLC increased its holdings in shares of Northrop Grumman by 0.3% during the 2nd quarter. Princeton Global Asset Management LLC now owns 5,907 shares of the aerospace company’s stock worth $2,953,000 after purchasing an additional 20 shares during the period. Integrated Investment Consultants LLC raised its position in shares of Northrop Grumman by 3.9% during the first quarter. Integrated Investment Consultants LLC now owns 553 shares of the aerospace company’s stock valued at $283,000 after buying an additional 21 shares during the last quarter. Finally, Ameriflex Group Inc. lifted its stake in shares of Northrop Grumman by 3.6% in the second quarter. Ameriflex Group Inc. now owns 611 shares of the aerospace company’s stock valued at $301,000 after buying an additional 21 shares during the period. 83.40% of the stock is owned by institutional investors.

Northrop Grumman Trading Up 1.2%

Shares of NOC stock opened at $601.92 on Tuesday. The company has a market capitalization of $86.18 billion, a P/E ratio of 22.19, a P/E/G ratio of 5.78 and a beta of 0.10. Northrop Grumman Corporation has a 12-month low of $426.24 and a 12-month high of $640.90. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average price of $592.91 and a 200 day moving average price of $538.16.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Tuesday, July 22nd. The aerospace company reported $7.11 earnings per share for the quarter, topping the consensus estimate of $6.84 by $0.27. The company had revenue of $10.35 billion during the quarter, compared to analyst estimates of $10.15 billion. Northrop Grumman had a net margin of 9.74% and a return on equity of 25.52%. The company’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the business posted $6.36 earnings per share. Research analysts forecast that Northrop Grumman Corporation will post 28.05 earnings per share for the current fiscal year.

Northrop Grumman Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd were given a $2.31 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $9.24 annualized dividend and a yield of 1.5%. Northrop Grumman’s payout ratio is presently 34.06%.

Wall Street Analysts Forecast Growth

NOC has been the subject of several recent research reports. Wall Street Zen raised Northrop Grumman from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Truist Financial upped their target price on Northrop Grumman from $625.00 to $688.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Barclays lifted their price target on shares of Northrop Grumman from $500.00 to $580.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 29th. Robert W. Baird increased their price objective on shares of Northrop Grumman from $547.00 to $565.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Finally, Sanford C. Bernstein lifted their target price on shares of Northrop Grumman from $630.00 to $674.00 and gave the company a “market perform” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $617.50.

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.