Northrop Grumman Corporation (NYSE:NOC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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. However, challenging economic and political factors have been raising concerns. Moreover, too much dependence on fixed-price contracts remains a concern for the stock. Also the company underperformed the broader industry in past one year.”
Several other equities analysts have also recently issued reports on NOC. Jefferies Group LLC reissued a “hold” rating and issued a $243.00 price objective on shares of Northrop Grumman Corporation in a report on Wednesday, June 21st. Cowen and Company reissued a “hold” rating and issued a $275.00 price objective on shares of Northrop Grumman Corporation in a report on Monday, July 17th. Stifel Nicolaus reissued a “hold” rating and issued a $255.00 price objective (up previously from $245.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Deutsche Bank AG reissued a “buy” rating and issued a $285.00 price objective (up previously from $275.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Finally, BidaskClub cut Northrop Grumman Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $269.43.
Shares of Northrop Grumman Corporation (NOC) opened at 278.33 on Monday. Northrop Grumman Corporation has a 12 month low of $210.60 and a 12 month high of $279.90. The firm has a 50-day moving average price of $269.39 and a 200-day moving average price of $255.59. The stock has a market cap of $48.46 billion, a PE ratio of 21.26 and a beta of 0.66.
Northrop Grumman Corporation (NYSE:NOC) last issued its quarterly earnings data on Wednesday, July 26th. The aerospace company reported $3.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.84 by $0.31. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.21 billion. Northrop Grumman Corporation had a return on equity of 39.22% and a net margin of 9.20%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.85 EPS. Equities analysts forecast that Northrop Grumman Corporation will post $12.55 EPS for the current year.
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In other Northrop Grumman Corporation news, VP Lisa R. Davis sold 367 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $263.25, for a total transaction of $96,612.75. Following the completion of the sale, the vice president now directly owns 961 shares in the company, valued at approximately $252,983.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.70% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Northrop Grumman Corporation by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,956,906 shares of the aerospace company’s stock worth $3,326,168,000 after buying an additional 192,667 shares in the last quarter. BlackRock Inc. increased its stake in Northrop Grumman Corporation by 0.9% during the 2nd quarter. BlackRock Inc. now owns 12,884,929 shares of the aerospace company’s stock worth $3,307,687,000 after buying an additional 109,532 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Northrop Grumman Corporation by 5.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,617,954 shares of the aerospace company’s stock worth $1,098,335,000 after buying an additional 239,260 shares in the last quarter. Alliancebernstein L.P. increased its stake in Northrop Grumman Corporation by 4.8% during the 2nd quarter. Alliancebernstein L.P. now owns 3,300,832 shares of the aerospace company’s stock worth $847,357,000 after buying an additional 151,154 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Northrop Grumman Corporation by 41,518.7% during the 2nd quarter. Janus Henderson Group PLC now owns 2,919,969 shares of the aerospace company’s stock worth $749,585,000 after buying an additional 2,912,953 shares in the last quarter. Institutional investors 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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