StockNews.com cut shares of Northrop Grumman (NYSE:NOC – Free Report) from a strong-buy rating to a buy rating in a report published on Saturday morning.
NOC has been the topic of several other reports. Susquehanna decreased their price target 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, January 8th. Wells Fargo & Company raised Northrop Grumman from an “equal weight” rating to an “overweight” rating and set a $595.00 target price for the company in a research note on Wednesday, January 8th. UBS Group lifted their price target on Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. TD Cowen raised Northrop Grumman to a “hold” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada lifted their target price on shares of Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $551.40.
View Our Latest Stock Report on NOC
Northrop Grumman Stock Up 3.1 %
Northrop Grumman (NYSE:NOC – Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. The firm had revenue of $10 billion during the quarter, compared to analysts’ expectations of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $6.18 EPS. As a group, research analysts anticipate that Northrop Grumman will post 25.93 EPS for the current fiscal year.
Northrop Grumman Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were issued a $2.06 dividend. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Monday, December 2nd. Northrop Grumman’s payout ratio is 51.05%.
Northrop Grumman declared that its Board of Directors has authorized a share buyback plan on Wednesday, December 11th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to buy up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Activity
In other Northrop Grumman news, VP Benjamin R. Davies sold 1,156 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $532.93, for a total value of $616,067.08. Following the transaction, the vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 1,255 shares of company stock valued at $663,859 in the last ninety days. 0.22% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Northrop Grumman
A number of hedge funds have recently modified their holdings of NOC. Ashton Thomas Private Wealth LLC purchased a new stake in Northrop Grumman during the 2nd quarter valued at approximately $61,000. BOKF NA grew its stake in Northrop Grumman by 11.2% during the second quarter. BOKF NA now owns 3,779 shares of the aerospace company’s stock valued at $1,647,000 after acquiring an additional 381 shares in the last quarter. Main Street Financial Solutions LLC increased its holdings in Northrop Grumman by 2.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 1,544 shares of the aerospace company’s stock valued at $673,000 after acquiring an additional 31 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Northrop Grumman by 245.5% during the 2nd 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. Finally, Meeder Advisory Services Inc. boosted its holdings in shares of Northrop Grumman by 24.2% during the 2nd quarter. Meeder Advisory Services Inc. now owns 2,268 shares of the aerospace company’s stock valued at $989,000 after purchasing an additional 442 shares during the last quarter. 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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