StockNews.com cut shares of Northrop Grumman (NYSE:NOC – Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday.
A number of other brokerages also recently issued reports on NOC. UBS Group upped their price objective on Northrop Grumman from $614.00 to $643.00 and gave the company a “buy” rating in a research note on Friday, October 25th. TD Cowen upgraded shares of Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. Susquehanna dropped their target price on shares of Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a research note on Wednesday. Barclays decreased their price target on shares of Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Finally, Wells Fargo & Company upgraded Northrop Grumman from an “equal weight” rating to an “overweight” rating and set a $595.00 price objective on the stock in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $551.40.
View Our Latest Research Report on NOC
Northrop Grumman Stock Performance
Northrop Grumman (NYSE:NOC – Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, beating the consensus estimate of $6.07 by $0.93. Northrop Grumman had a net margin of 5.79% and a return on equity of 26.57%. The firm had revenue of $10 billion during the quarter, compared to analyst estimates of $10.18 billion. During the same quarter last year, the business posted $6.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities research analysts predict that Northrop Grumman will post 25.93 EPS for the current fiscal year.
Northrop Grumman announced that its board has initiated a stock buyback program on Wednesday, December 11th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Northrop Grumman Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd were given a $2.06 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.80%. Northrop Grumman’s dividend payout ratio (DPR) is currently 51.05%.
Insider Buying and Selling at Northrop Grumman
In related news, VP Benjamin R. Davies sold 1,156 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the sale, the vice president now owns 537 shares in the company, valued at approximately $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 1,255 shares of company stock valued at $663,859 in the last three months. Company insiders own 0.22% of the company’s stock.
Hedge Funds Weigh In On Northrop Grumman
A number of institutional investors have recently added to or reduced their stakes in NOC. RPg Family Wealth Advisory LLC purchased a new position in shares of Northrop Grumman during the third quarter worth about $31,000. Meeder Asset Management Inc. lifted its position in Northrop Grumman by 245.5% during the second quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock valued at $33,000 after purchasing an additional 54 shares during the last quarter. FSA Wealth Management LLC purchased a new position in Northrop Grumman in the 3rd quarter worth approximately $36,000. Modus Advisors LLC bought a new position in shares of Northrop Grumman in the 4th quarter worth $38,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of Northrop Grumman during the 3rd quarter valued at $40,000. 83.40% of the stock is currently owned by institutional investors.
About Northrop Grumman
Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company’s Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.
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