Northrop Grumman Co. (NYSE:NOC) – Stock analysts at Jefferies Financial Group cut their FY2020 earnings per share estimates for Northrop Grumman in a research report issued to clients and investors on Tuesday, October 30th. Jefferies Financial Group analyst S. Kahyaoglu now anticipates that the aerospace company will earn $20.65 per share for the year, down from their previous estimate of $21.00. Jefferies Financial Group has a “Buy” rating and a $324.00 price target on the stock.
Several other research firms also recently commented on NOC. Zacks Investment Research downgraded Northrop Grumman from a “strong-buy” rating to a “hold” rating in a report on Friday, October 26th. Buckingham Research upgraded Northrop Grumman from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $246.00 to $371.00 in a report on Tuesday, July 31st. They noted that the move was a valuation call. UBS Group initiated coverage on Northrop Grumman in a report on Wednesday, August 15th. They set a “neutral” rating and a $315.00 price objective on the stock. Citigroup reduced their price objective on Northrop Grumman from $370.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, October 25th. Finally, JPMorgan Chase & Co. reduced their price objective on Northrop Grumman from $375.00 to $360.00 and set an “overweight” rating on the stock in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $357.18.
Northrop Grumman (NYSE:NOC) last released its quarterly earnings data on Wednesday, October 24th. The aerospace company reported $6.54 EPS for the quarter, topping the consensus estimate of $4.35 by $2.19. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.99 billion. Northrop Grumman had a return on equity of 38.27% and a net margin of 9.62%. Northrop Grumman’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the business posted $3.67 EPS.
In other Northrop Grumman news, Chairman Wesley G. Bush sold 20,000 shares of the stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $297.91, for a total transaction of $5,958,200.00. Following the sale, the chairman now owns 18,701 shares of the company’s stock, valued at approximately $5,571,214.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Lesley A. Kalan sold 1,065 shares of the stock in a transaction on Monday, August 27th. The shares were sold at an average price of $300.02, for a total value of $319,521.30. Following the sale, the vice president now directly owns 13,656 shares in the company, valued at approximately $4,097,073.12. The disclosure for this sale can be found here. Insiders have sold a total of 41,185 shares of company stock worth $12,562,307 in the last ninety days. Insiders own 0.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Northrop Grumman in the 2nd quarter worth $114,000. Meeder Asset Management Inc. acquired a new stake in shares of Northrop Grumman in the 2nd quarter worth $115,000. Fort L.P. acquired a new stake in shares of Northrop Grumman in the 2nd quarter worth $117,000. WESPAC Advisors SoCal LLC acquired a new stake in shares of Northrop Grumman in the 3rd quarter worth $126,000. Finally, Kaizen Advisory LLC boosted its position in shares of Northrop Grumman by 156.2% in the 2nd quarter. Kaizen Advisory LLC now owns 433 shares of the aerospace company’s stock worth $133,000 after purchasing an additional 264 shares in the last quarter. 81.69% of the stock is currently owned by institutional investors and hedge funds.
About Northrop Grumman
Northrop Grumman Corporation operates as a security company for government and commercial customers worldwide. It provides products, systems, and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance, and reconnaissance (C4ISR); strike; and logistics and modernization.
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