US aerospace and defence technology company Northrop Grumman Corp. said that it has reached an agreement for an accelerated share repurchase with Morgan Stanley & Co. The company plans to repurchase $1 billion of Northrop Grumman’s common stock. Northrop stated that it continues to target returning well over 100% of its free cash flow to shareholders through dividends and share repurchases in 2024. As per the accelerated share repurchase agreement, Northrop Grumman expects to receive an initial delivery of approximately 1.8 million shares on January 31, representing approximately 80% of the ex…