Analysis: Steve Cohen's sale of NOC (Northrop Grumman Corporation)
Assessment: On watch
A well-timed sector exit by an Intelligence Committee member following major legislative milestones, potentially driven by year-end tax needs.
- Member: Steve Cohen
- Party / state: D-TN
- Chamber: Representatives
- Transaction: Sale
- Amount: $15,001 - $50,000
- Ticker: NOC
- Company: Northrop Grumman Corporation
- Trade date: 2025-12-29
- Disclosure date: 2026-01-26
- Disclosure lag: 28 days
Executive summary
Rep. Steve Cohen (D-TN), a member of the House Intelligence Committee, sold between $15,001 and $50,000 of Northrop Grumman (NOC) on December 29, 2025. This sale follows the enactment of the FY2026 NDAA and a closed oversight hearing regarding cybersecurity and intelligence systems, areas where NOC is a primary contractor. The trade aligns with a broader bearish sentiment among other members of Congress who have predominantly sold NOC throughout 2025.
The trade occurred exactly one week after the FY2026 NDAA was signed into law and shortly after a closed-door Intelligence Committee hearing on cyber oversight. While NOC received a significant contract award on Dec 23, Cohen's exit on Dec 29 suggests a 'sell the news' approach or a strategic reallocation following the conclusion of major legislative defense cycles. Cohen's trading history shows a pattern of selling aerospace and defense holdings (e.g., BA, RTN) during periods of high legislative activity, often exiting positions entirely rather than trading frequently. The 28-day disclosure lag is well within the 45-day legal requirement. Data quality is high for the transaction itself, though the lack of an original purchase date prevents calculation of realized gains.
Timeline
- 2025-12-11 — Closed Intelligence Committee hearing on NSA/Cyber oversight
- 2025-12-22 — NDAA for FY2026 signed into law
- 2025-12-23 — NOC awarded $350M Navy contract
- 2025-12-29 — Steve Cohen sells $15k-$50k of NOC
- 2026-01-26 — Trade disclosed to House Clerk
Independent analysis of public financial disclosures. Not financial or investment advice.
Sources
- Rep. Steve Cohen Stock Trades
- Steve Cohen Trading Activity | Quiver Quantitative
- Net Worth Update: Representative Steve Cohen Made an Estimated $120.8K in the Stock Market Last Month
- Net Worth Update: Representative Steve Cohen Made an Estimated $157.2K in the Stock Market Last Month
- NORTHROP GRUMMAN CORP ( NOC ) - Insider Trading & Ownership
- SEC Filings | Northrop Grumman
- NORTHROP GRUMMAN CORP (NOC) 8-K Filing Nov 2025
- noc-20250403
- Form 10-Q for Northrop Grumman Corp DE filed 07/22/2025