Northrop Grumman Receives “Neutral” Rating from Zacks (NOC)
Northrop Grumman (NYSE:NOC)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Tuesday. They currently have a $134.00 target price on the stock. Zacks‘s target price points to a potential upside of 5.33% from the stock’s previous close.
Zacks’ analyst wrote, “We maintain our Neutral recommendation on Northrop Grumman Corp. following the second-quarter 2014 results. Although the company’s earnings missed the Street Consensus, its revenues beat the same. However, reported earnings improved from the prior year due to a decline in total operating cost and expenses while revenues were down 4.1% year over year. Foreign military sales will be the primary growth driver at Northrop Grumman offsetting the slowdown in domestic contract flows. The company’s product innovation and diversified business operations will further maintain a stable earnings stream. Also, the solid performance in the first half of 2014 has led Northrop to raise its 2014 earnings guidance. Nonetheless, a plummeting order backlog and the ramp-down of military programs remain major concerns. “
A number of other analysts have also recently weighed in on NOC. Analysts at RBC Capital upgraded shares of Northrop Grumman from a “sector perform” rating to an “outperform” rating in a research note on Tuesday. They now have a $148.00 price target on the stock, up previously from $143.00. They noted that the move was a valuation call. Separately, analysts at Barclays raised their price target on shares of Northrop Grumman from $130.00 to $132.00 in a research note on Monday, August 11th. They now have an “equal weight” rating on the stock. Finally, analysts at Argus upgraded shares of Northrop Grumman to a “hold” rating in a research note on Monday, July 28th. They now have a $115.00 price target on the stock. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Northrop Grumman presently has a consensus rating of “Hold” and an average price target of $128.79.
Shares of Northrop Grumman (NYSE:NOC) traded up 0.84% during mid-day trading on Tuesday, hitting $128.29. The stock had a trading volume of 513,573 shares. Northrop Grumman has a 52-week low of $92.32 and a 52-week high of $128.66. The stock has a 50-day moving average of $125.2 and a 200-day moving average of $122.1. The company has a market cap of $26.676 billion and a P/E ratio of 13.73.
Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.15. The company had revenue of $6.00 billion for the quarter, compared to the consensus estimate of $5.97 billion. During the same quarter in the previous year, the company posted $2.05 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. Analysts expect that Northrop Grumman will post $9.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, August 28th.
Northrop Grumman Corporation (NYSE:NOC) provides products, services, and integrated solutions in aerospace, electronics, information and services to its global customers.
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