Zacks Investment Research upgraded shares of Northrop Grumman Corporation (NYSE:NOC) from a hold rating to a buy rating in a research note issued to investors on Thursday. The firm currently has $299.00 target price on the aerospace company’s stock.
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.”
Several other brokerages have also issued reports on NOC. Goldman Sachs Group, Inc. (The) reaffirmed a conviction-buy rating and issued a $309.00 target price on shares of Northrop Grumman Corporation in a research note on Wednesday, August 23rd. Cowen and Company reaffirmed a hold rating and issued a $275.00 target price on shares of Northrop Grumman Corporation in a research note on Thursday, August 24th. Morgan Stanley began coverage on shares of Northrop Grumman Corporation in a research note on Tuesday, August 8th. They issued an equal weight rating and a $279.00 target price on the stock. BidaskClub raised shares of Northrop Grumman Corporation from a hold rating to a buy rating in a research note on Saturday, August 12th. Finally, Argus lifted their price objective on shares of Northrop Grumman Corporation from $270.00 to $295.00 and gave the stock a buy rating in a research note on Friday, August 4th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Northrop Grumman Corporation presently has a consensus rating of Buy and an average target price of $269.43.
Northrop Grumman Corporation (NOC) opened at 267.03 on Thursday. The firm has a 50-day moving average of $268.61 and a 200 day moving average of $254.97. The company has a market cap of $46.49 billion, a PE ratio of 20.40 and a beta of 0.66. Northrop Grumman Corporation has a 52-week low of $210.60 and a 52-week high of $274.61.
Northrop Grumman Corporation (NYSE:NOC) last posted its quarterly earnings data on Wednesday, July 26th. The aerospace company reported $3.15 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.31. The firm had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.21 billion. Northrop Grumman Corporation had a net margin of 9.20% and a return on equity of 39.22%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.85 EPS. Equities research analysts expect that Northrop Grumman Corporation will post $12.55 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 13th. Stockholders of record on Monday, August 28th were issued a $1.00 dividend. The ex-dividend date was Thursday, August 24th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.50%. Northrop Grumman Corporation’s dividend payout ratio (DPR) is presently 30.56%.
In related news, VP Lisa R. Davis sold 367 shares of the business’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 transaction, the vice president now directly owns 961 shares in the company, valued at $252,983.25. The sale was disclosed in a filing with the SEC, which is available through this link. 0.70% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of NOC. Harbour Capital Advisors LLC acquired a new position in Northrop Grumman Corporation during the first quarter worth $108,000. Hanseatic Management Services Inc. increased its holdings in Northrop Grumman Corporation by 12.8% during the second quarter. Hanseatic Management Services Inc. now owns 423 shares of the aerospace company’s stock worth $109,000 after buying an additional 48 shares during the last quarter. First Personal Financial Services increased its holdings in Northrop Grumman Corporation by 39.0% during the second quarter. First Personal Financial Services now owns 431 shares of the aerospace company’s stock worth $111,000 after buying an additional 121 shares during the last quarter. Pittenger & Anderson Inc. increased its holdings in Northrop Grumman Corporation by 28.6% during the second quarter. Pittenger & Anderson Inc. now owns 450 shares of the aerospace company’s stock worth $116,000 after buying an additional 100 shares during the last quarter. Finally, People s United Financial Inc. increased its holdings in Northrop Grumman Corporation by 9.2% during the second quarter. People s United Financial Inc. now owns 475 shares of the aerospace company’s stock worth $122,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 81.37% of the company’s stock.
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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