N-G Announces $1.5B Share Buyback

Northrop Grumman Corporation’s (NYSE:NOC) board of directors has authorized a new program to repurchase up to $1.5 billion of its outstanding common stock, representing nearly 8% of its 355 million shares outstanding, over the next 12 to 18 months.

The company completed its previous $1 billion share repurchase program, authorized by the board of directors on Oct. 26, 2004, in less than 12 months, repurchasing 18.2 million common shares at an average price of $54.83 per share. Since the inception of its share repurchases in August 2003, the company has repurchased more than 32 million shares for a total of $1.7 billion.