Northrop Grumman
NOC,
has entered right into a $1 billion accelerated share buyback settlement with Morgan Stanley & Co.
The Falls Church, Va.-based protection contractor stated it anticipated to obtain about 1.8 million shares on Jan. 31, which represents about 80% of the buybacks underneath the repurchase deal based mostly on the Jan. 29 closing worth.
The settlement will likely be accomplished underneath Northrop Grumman’s present share buyback authorization, which has about $3.6 billion remaining.
Northrop Grumman stated it anticipated the buybacks to be accomplished no later than the second quarter.
The firm stated it has set the goal of returning “well over 100%” of free money stream to stockholders this 12 months.
In early December, Northrop Grumman licensed an extra $2.5 billion for repurchasing inventory, bringing the overall authorization on the time to $3.8 billion.
Source web site: www.marketwatch.com
