5 Stocks That Recently Hit All-Time Highs

4. Northrop Grumman Corporation (NYSE:NOC)

All-Time Share Price High: $456.10 on March 01, 2022

Number of Hedge Fund Holders: 33

Northrop Grumman Corporation (NYSE:NOC) is a Virginia-based company that operates in the aerospace and defense sectors worldwide. In the fourth quarter of 2021, 33 hedge funds were bullish on Northrop Grumman Corporation (NYSE:NOC), up from 29 funds in the prior quarter. Yacktman Asset Management is the biggest shareholder of the company, with 442,198 shares worth $171.1 million. 

On January 28, Susquehanna analyst Charles Minervino raised the price target on Northrop Grumman Corporation (NYSE:NOC) to $437 from $416 and kept a Positive rating on the shares. The analyst said that program timing, pension, and tax charges continue to pose short-term hurdles that will pass in due time, but given the company’s favorable portfolio relative to US defense priorities and its shareholder-friendly capital return policy, he maintains positive on the shares.

Russia’s invasion of Ukraine may mean increased defense spending over the longer term, and shares of defense contractors trade mixed at the open after most have been moving higher during the past month. Northrop Grumman Corporation (NYSE:NOC) traded 3.5% higher on February 24, and the stock reached an all-time high of $456.10 on March 01, 2022. 

Here is what Artisan Value Fund has to say about Northrop Grumman Corporation (NYSE:NOC) in their Q4 2020 investor letter:

“New purchases include Northrop Grumman. Northrop Grumman is a leader in manned aircraft, unmanned aircraft, spacecraft and missile-defense systems. We initiated a position in November 2020, as we believe the name is trading at an undeserved discount, despite having the potential to accelerate revenue over the next 24 months. In 2020, Northrup signed a contract to work with the US Air Force on their Ground Based Strategic Deterrent (GBSD) and B21 bomber. We believe the company’s portfolio is well-positioned with a highly desirable space segment business, significant classified content and GBSD driving growth. While the market has been focused on a “blue wave” risk to the defense budget, the industry is typically driven by threat assessment rather than budget constraints. If budget cuts were ever to affect the US Army, that customer represents less than 10% of the company’s revenue. This reinforces our belief that Northrop is well-positioned for the future and trades at an attractive valuation.”