This reinforces our belief that Northrop is well-positioned for the future and trades at an attractive valuation.” If budget cuts were ever to affect the US Army, that customer represents less than 10% of the company’s revenue. 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. We believe the company’s portfolio is well-positioned with a highly desirable space segment business, significant classified content and GBSD driving growth. In 2020, Northrup signed a contract to work with the US Air Force on their Ground Based Strategic Deterrent (GBSD) and B21 bomber. 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. Northrop Grumman is a leader in manned aircraft, unmanned aircraft, spacecraft and missile-defense systems. This is compared to 40 hedge fund holders in the previous quarter, with a lower stake value of roughly $1.5 billion.Īrtisan Partners Limited Partnership, a high value-added investment management firm, mentioned Northrop Grumman Corporation (NYSE: NOC) in its fourth-quarter 2020 investor letter. As of the end of the first quarter this year, 40 hedge funds out of the 866 tracked by Insider Monkey held stakes in Northrop Grumman Corporation (NYSE: NOC), worth roughly $1.51 billion.
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