Zacks Investment Research Downgrades Northrop Grumman Corporation (NOC) to Hold

Northrop Grumman Corporation (NYSE:NOC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. Also the stock underperformed the broader industry in the last one year.”

Other equities research analysts also recently issued reports about the stock. Deutsche Bank AG reaffirmed a “buy” rating and set a $285.00 price objective (up from $275.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Argus upped their price objective on shares of Northrop Grumman Corporation from $270.00 to $295.00 and gave the company a “buy” rating in a report on Friday, August 4th. BidaskClub raised shares of Northrop Grumman Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Royal Bank Of Canada set a $294.00 price objective on shares of Northrop Grumman Corporation and gave the company a “buy” rating in a report on Tuesday, August 29th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “conviction-buy” rating and set a $309.00 price objective on shares of Northrop Grumman Corporation in a report on Wednesday, August 23rd. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $269.86.

Northrop Grumman Corporation (NYSE:NOC) traded down 0.25% during trading on Tuesday, reaching $268.64. 265,667 shares of the company were exchanged. Northrop Grumman Corporation has a one year low of $208.09 and a one year high of $274.61. The firm’s 50 day moving average price is $268.17 and its 200-day moving average price is $254.39. The stock has a market capitalization of $46.77 billion, a price-to-earnings ratio of 20.52 and a beta of 0.66.

Northrop Grumman Corporation (NYSE:NOC) last released its quarterly earnings data on Wednesday, July 26th. The aerospace company reported $3.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.84 by $0.31. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate 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 revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.85 earnings per share. On average, equities research analysts predict that Northrop Grumman Corporation will post $12.55 earnings per share for the current year.

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In related news, VP Sid Ashworth sold 3,847 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $260.00, for a total value of $1,000,220.00. Following the transaction, the vice president now directly owns 69,458 shares in the company, valued at $18,059,080. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Lisa R. Davis sold 367 shares of the company’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 transaction, the vice president now owns 961 shares in the company, valued at $252,983.25. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the stock. Hanseatic Management Services Inc. increased its position in shares of Northrop Grumman Corporation by 12.8% in the second 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 last quarter. First Personal Financial Services increased its position in shares of Northrop Grumman Corporation by 39.0% in the second 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 last quarter. Pittenger & Anderson Inc. increased its position in shares of Northrop Grumman Corporation by 28.6% in the second 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 last quarter. Harbour Capital Advisors LLC bought a new position in shares of Northrop Grumman Corporation in the first quarter worth approximately $108,000. Finally, People s United Financial Inc. increased its position in shares of Northrop Grumman Corporation by 9.2% in the second 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 last quarter. Institutional investors own 81.52% 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.

Analyst Recommendations for Northrop Grumman Corporation (NYSE:NOC)

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