Northrop Grumman Corporation (NOC) Declares $1.00 Quarterly Dividend
Northrop Grumman Corporation (NYSE:NOC) announced a quarterly dividend on Wednesday, August 16th, RTT News reports. Shareholders of record on Monday, August 28th will be paid a dividend of 1.00 per share by the aerospace company on Wednesday, September 13th. This represents a $4.00 dividend on an annualized basis and a yield of 1.48%.
Northrop Grumman Corporation has raised its dividend by an average of 13.7% annually over the last three years and has increased its dividend annually for the last 9 consecutive years. Northrop Grumman Corporation has a payout ratio of 31.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Northrop Grumman Corporation to earn $13.61 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 29.4%.
Shares of Northrop Grumman Corporation (NOC) traded down 0.42% during midday trading on Wednesday, reaching $269.99. 931,252 shares of the company’s stock were exchanged. Northrop Grumman Corporation has a one year low of $206.69 and a one year high of $274.61. The firm has a 50 day moving average of $264.29 and a 200-day moving average of $250.26. The stock has a market cap of $47.00 billion, a price-to-earnings ratio of 20.62 and a beta of 0.66.
Northrop Grumman Corporation (NYSE:NOC) last issued its earnings results on Wednesday, July 26th. The aerospace company reported $3.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.84 by $0.31. Northrop Grumman Corporation had a net margin of 9.20% and a return on equity of 39.22%. The company had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter last year, the company posted $2.85 earnings per share. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities research analysts anticipate that Northrop Grumman Corporation will post $12.55 earnings per share for the current year.
In other news, VP Lisa R. Davis sold 367 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $263.25, for a total transaction of $96,612.75. Following the sale, the vice president now directly owns 961 shares in the company, valued at approximately $252,983.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sid Ashworth sold 3,847 shares of the firm’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $260.00, for a total transaction of $1,000,220.00. Following the sale, the vice president now owns 69,458 shares in the company, valued at $18,059,080. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.
Several research firms have weighed in on NOC. Argus increased their price target on shares of Northrop Grumman Corporation from $270.00 to $295.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. Morgan Stanley began coverage on shares of Northrop Grumman Corporation in a research report on Tuesday, August 8th. They issued an “equal weight” rating and a $279.00 price target on the stock. BidaskClub downgraded shares of Northrop Grumman Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Vertical Research upgraded shares of Northrop Grumman Corporation from a “hold” rating to a “buy” rating and increased their price target for the stock from $254.00 to $270.00 in a research report on Wednesday, May 10th. Finally, Cowen and Company reiterated a “hold” rating and issued a $275.00 price target on shares of Northrop Grumman Corporation in a research report on Monday, July 17th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Northrop Grumman Corporation presently has a consensus rating of “Buy” and an average price target of $259.93.
About Northrop Grumman Corporation
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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