Northrop Grumman Corporation (NOC) Upgraded to Buy by Zacks Investment Research
Northrop Grumman Corporation (NYSE:NOC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $299.00 price target on the aerospace company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.48% from the stock’s current price.
According to Zacks, “As one of the top largest U.S. defense contractors, Northrop continues to enjoy strong presence in Air Force, Space & Cyber Security programs. Moreover, its product innovation and focus on strengthening its ISR wing will help maintain a stable earnings stream amid the rapidly changing needs of the defense landscape. The company maintains a strong balance sheet and steady cash flow that offer substantial financial flexibility. With rising demand for arsenals across the globe, foreign military sales continue to be a major growth driver for Northrop. However, challenging economic and political factors have been raising concerns. Moreover, too much dependence on fixed-price contracts remains a concern for the stock.”
Other equities analysts have also recently issued research reports about the company. Deutsche Bank AG restated a “buy” rating and issued a $285.00 price objective (up previously from $275.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Argus raised their price objective on Northrop Grumman Corporation from $270.00 to $295.00 and gave the company a “buy” rating in a report on Friday, August 4th. BidaskClub upgraded Northrop Grumman Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Royal Bank Of Canada set a $294.00 price objective on Northrop Grumman Corporation and gave the company a “buy” rating in a report on Tuesday, August 29th. Finally, Goldman Sachs Group, Inc. (The) restated a “conviction-buy” rating and issued a $309.00 price objective on shares of Northrop Grumman Corporation in a report on Wednesday, August 23rd. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $269.43.
Northrop Grumman Corporation (NYSE:NOC) traded down 0.33% during mid-day trading on Thursday, hitting $265.82. The stock had a trading volume of 562,936 shares. The stock’s 50-day moving average is $268.43 and its 200 day moving average is $254.84. Northrop Grumman Corporation has a 52 week low of $210.60 and a 52 week high of $274.61. The company has a market capitalization of $46.28 billion, a P/E ratio of 20.31 and a beta of 0.66.
Northrop Grumman Corporation (NYSE:NOC) last announced its quarterly earnings data on Wednesday, July 26th. The aerospace company reported $3.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.84 by $0.31. The company had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.21 billion. Northrop Grumman Corporation had a return on equity of 39.22% and a net margin of 9.20%. Northrop Grumman Corporation’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.85 EPS. Equities analysts forecast that Northrop Grumman Corporation will post $12.55 earnings per share for the current fiscal year.
In other news, VP Lisa R. Davis sold 367 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $263.25, for a total transaction of $96,612.75. Following the completion of the sale, the vice president now owns 961 shares in the company, valued at $252,983.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC acquired a new stake in shares of Northrop Grumman Corporation in the first quarter valued at approximately $108,000. Hanseatic Management Services Inc. raised its position in shares of Northrop Grumman Corporation by 12.8% in the second quarter. Hanseatic Management Services Inc. now owns 423 shares of the aerospace company’s stock valued at $109,000 after buying an additional 48 shares in the last quarter. First Personal Financial Services raised its position in shares of Northrop Grumman Corporation by 39.0% in the second quarter. First Personal Financial Services now owns 431 shares of the aerospace company’s stock valued at $111,000 after buying an additional 121 shares in the last quarter. Pittenger & Anderson Inc. raised its position in shares of Northrop Grumman Corporation by 28.6% in the second quarter. Pittenger & Anderson Inc. now owns 450 shares of the aerospace company’s stock valued at $116,000 after buying an additional 100 shares in the last quarter. Finally, People s United Financial Inc. raised its position in shares of Northrop Grumman Corporation by 9.2% in the second quarter. People s United Financial Inc. now owns 475 shares of the aerospace company’s stock valued at $122,000 after buying an additional 40 shares in the last quarter. Institutional investors own 81.52% of the company’s stock.
Northrop Grumman Corporation Company Profile
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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