Zacks Investment Research lowered shares of Northrop Grumman Corporation (NYSE:NOC) from a buy rating to a hold rating in a research note issued to investors on Thursday.
According to Zacks, “Northrop posted encouraging third-quarter result, wherein both top and bottom line outperformed the respective Zacks Consensus Estimate. Year-over-year results were also impressive on both ends. Further the raised guidance for full year buoys optimism. As one of the major U.S. defense contractors, Northrop continues to enjoy strong presence in Air Force, Space & Cyber Security programs. The company maintains a strong balance sheet and steady cash flow that offer substantial financial flexibility. Impressively, the company outperformed the broader industry in past three months. Also, recent budgetary amendments made by the Trump administration have been in favor of defense biggies like Northrop. However, higher operating expenses tend to drag down Northrop's profit margin.”
Several other brokerages also recently commented on NOC. Stifel Nicolaus reaffirmed a hold rating and issued a $255.00 target price (up from $245.00) on shares of Northrop Grumman Corporation in a research note on Thursday, July 27th. Cowen and Company reaffirmed a hold rating and issued a $300.00 target price (up from $275.00) on shares of Northrop Grumman Corporation in a research note on Thursday, October 26th. Bank of America Corporation set a $350.00 target price on shares of Northrop Grumman Corporation and gave the stock a buy rating in a research note on Friday, October 27th. Deutsche Bank AG reaffirmed a buy rating and issued a $285.00 target price (up from $275.00) on shares of Northrop Grumman Corporation in a research note on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) set a $320.00 price objective on shares of Northrop Grumman Corporation and gave the company a buy rating in a research report on Thursday, October 26th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $292.01.
Shares of Northrop Grumman Corporation (NYSE:NOC) traded down $1.01 during midday trading on Thursday, hitting $298.13. 391,800 shares of the company traded hands, compared to its average volume of 662,904. The company has a current ratio of 1.21, a quick ratio of 1.05 and a debt-to-equity ratio of 0.96. Northrop Grumman Corporation has a 12 month low of $220.72 and a 12 month high of $306.61. The stock has a market capitalization of $51,898.02, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 3.00 and a beta of 0.70.
Northrop Grumman Corporation (NYSE:NOC) last issued its earnings results on Wednesday, October 25th. The aerospace company reported $3.68 EPS for the quarter, topping the consensus estimate of $2.92 by $0.76. Northrop Grumman Corporation had a net margin of 9.24% and a return on equity of 39.76%. The company had revenue of $6.53 billion for the quarter, compared to the consensus estimate of $6.33 billion. During the same period in the previous year, the firm earned $3.35 earnings per share. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. equities analysts predict that Northrop Grumman Corporation will post 13.2 EPS for the current year.
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In related news, VP Sid Ashworth sold 6,311 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $298.00, for a total value of $1,880,678.00. Following the transaction, the vice president now owns 63,147 shares in the company, valued at approximately $18,817,806. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Denise M. Peppard sold 2,328 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $300.86, for a total transaction of $700,402.08. Following the completion of the transaction, the vice president now owns 28,553 shares in the company, valued at approximately $8,590,455.58. The disclosure for this sale can be found here. Insiders sold a total of 13,676 shares of company stock worth $4,070,370 over the last ninety days. Insiders own 0.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Hanseatic Management Services Inc. boosted its stake in Northrop Grumman Corporation by 12.8% in the 2nd quarter. Hanseatic Management Services Inc. now owns 423 shares of the aerospace company’s stock worth $109,000 after purchasing an additional 48 shares in the last quarter. First Personal Financial Services boosted its stake in Northrop Grumman Corporation by 39.0% in the 2nd quarter. First Personal Financial Services now owns 431 shares of the aerospace company’s stock worth $111,000 after purchasing an additional 121 shares in the last quarter. Pittenger & Anderson Inc. boosted its stake in Northrop Grumman Corporation by 28.6% in the 2nd quarter. Pittenger & Anderson Inc. now owns 450 shares of the aerospace company’s stock worth $116,000 after purchasing an additional 100 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in Northrop Grumman Corporation in the 1st quarter worth about $108,000. Finally, People s United Financial Inc. boosted its stake in Northrop Grumman Corporation by 9.2% in the 2nd quarter. People s United Financial Inc. now owns 475 shares of the aerospace company’s stock worth $122,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 81.93% 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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