Zacks Investment Research downgraded shares of Northrop Grumman Corporation (NYSE:NOC) from a buy rating to a hold rating in a research report sent 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. Royal Bank Of Canada raised their target price on Northrop Grumman Corporation from $324.00 to $347.00 and gave the stock an outperform rating in a research note on Thursday, October 26th. Goldman Sachs Group, Inc. (The) set a $320.00 price target on Northrop Grumman Corporation and gave the company a buy rating in a research report on Thursday, October 26th. Cowen and Company reiterated a hold rating and set a $300.00 price target (up previously from $275.00) on shares of Northrop Grumman Corporation in a research report on Thursday, October 26th. Stifel Nicolaus lifted their price target on Northrop Grumman Corporation from $255.00 to $300.00 and gave the company a hold rating in a research report on Friday, October 27th. Finally, Bank of America Corporation set a $350.00 price target on Northrop Grumman Corporation and gave the company a buy rating in a research report on Friday, October 27th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Northrop Grumman Corporation currently has an average rating of Buy and a consensus target price of $292.01.
Shares of Northrop Grumman Corporation (NYSE:NOC) traded down $1.01 during midday trading on Thursday, reaching $298.13. The company’s stock had a trading volume of 391,800 shares, compared to its average volume of 681,865. Northrop Grumman Corporation has a fifty-two week low of $220.72 and a fifty-two week high of $306.61. The company has a current ratio of 1.21, a quick ratio of 1.05 and a debt-to-equity ratio of 0.96. The company has a market cap of $51,897.88, a P/E ratio of 22.72, a P/E/G 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 return on equity of 39.76% and a net margin of 9.24%. The business had revenue of $6.53 billion during the quarter, compared to the consensus estimate of $6.33 billion. During the same quarter last year, the company earned $3.35 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. equities research analysts predict that Northrop Grumman Corporation will post 13.2 EPS for the current fiscal year.
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In related news, VP Sid Ashworth sold 6,311 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $298.00, for a total transaction of $1,880,678.00. Following the transaction, the vice president now directly owns 63,147 shares of the company’s stock, valued at approximately $18,817,806. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Denise M. Peppard sold 5,037 shares of Northrop Grumman Corporation stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $295.67, for a total value of $1,489,289.79. Following the completion of the transaction, the vice president now directly owns 58,186 shares in the company, valued at $17,203,854.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,676 shares of company stock worth $4,070,370. 0.70% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Hanseatic Management Services Inc. increased 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 during the period. First Personal Financial Services increased 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 during the period. Pittenger & Anderson Inc. increased 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 during the period. Harbour Capital Advisors LLC purchased a new position in Northrop Grumman Corporation in the 1st quarter worth approximately $108,000. Finally, People s United Financial Inc. increased 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 during the period. 81.51% of the stock is currently owned by institutional investors and hedge funds.
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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