Barclays Cuts Northrop Grumman (NYSE:NOC) Price Target to $500.00

Northrop Grumman (NYSE:NOC) had its price target lowered by Barclays from $550.00 to $500.00 in a report published on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the aerospace company’s stock.

A number of other research firms also recently weighed in on NOC. UBS Group increased their price target on Northrop Grumman from $614.00 to $643.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup increased their target price on Northrop Grumman from $521.00 to $587.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Susquehanna lifted their price objective on shares of Northrop Grumman from $560.00 to $625.00 and gave the company a “positive” rating in a report on Friday, October 25th. Wells Fargo & Company dropped their target price on Northrop Grumman from $565.00 to $505.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, TD Cowen upgraded shares of Northrop Grumman to a “hold” rating in a research note on Tuesday, October 8th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $551.40.

Northrop Grumman Stock Up 2.3 %

Shares of NOC stock opened at $462.68 on Monday. The firm has a market cap of $67.41 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 0.97 and a beta of 0.35. Northrop Grumman has a 12 month low of $418.60 and a 12 month high of $555.57. The stock has a 50 day moving average of $486.64 and a 200-day moving average of $492.21. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 1.00.

Northrop Grumman (NYSE:NOC) last released its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.07 by $0.93. The firm had revenue of $10 billion during the quarter, compared to analyst estimates of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $6.18 earnings per share. On average, equities analysts predict that Northrop Grumman will post 25.93 EPS for the current year.

Northrop Grumman announced that its Board of Directors has approved a stock buyback plan on Wednesday, December 11th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the aerospace company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Northrop Grumman Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were paid a $2.06 dividend. This represents a $8.24 annualized dividend and a yield of 1.78%. The ex-dividend date was Monday, December 2nd. Northrop Grumman’s dividend payout ratio (DPR) is currently 51.05%.

Insider Activity at Northrop Grumman

In other news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $532.93, for a total transaction of $616,067.08. Following the completion of the transaction, the vice president now directly owns 537 shares in the company, valued at $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 1,255 shares of company stock valued at $663,859 in the last three months. Corporate insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Northrop Grumman

Hedge funds have recently added to or reduced their stakes in the stock. RPg Family Wealth Advisory LLC purchased a new position in Northrop Grumman during the 3rd quarter worth $31,000. FSA Wealth Management LLC bought a new position in shares of Northrop Grumman in the third quarter valued at approximately $36,000. Meeder Asset Management Inc. increased its holdings in Northrop Grumman by 245.5% during the second quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock worth $33,000 after buying an additional 54 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in Northrop Grumman in the third quarter worth $40,000. Finally, Modus Advisors LLC bought a new stake in shares of Northrop Grumman in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

About Northrop Grumman

Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company’s Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.