Wells Fargo & Company Has Lowered Expectations for Northrop Grumman (NYSE:NOC) Stock Price

Northrop Grumman (NYSE:NOC) had its price objective reduced by equities research analysts at Wells Fargo & Company from $565.00 to $505.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the aerospace company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 4.88% from the stock’s previous close.

NOC has been the topic of several other research reports. Susquehanna lifted their target price 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. Barclays increased their target price on Northrop Grumman from $500.00 to $550.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. TD Cowen upgraded Northrop Grumman to a “hold” rating in a research note on Tuesday, October 8th. Citigroup raised their target price on Northrop Grumman from $521.00 to $587.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada increased their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $546.81.

Northrop Grumman Stock Up 1.2 %

NOC stock opened at $481.51 on Wednesday. Northrop Grumman has a 12 month low of $418.60 and a 12 month high of $555.57. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.09 and a quick ratio of 0.97. The company has a market cap of $70.15 billion, a price-to-earnings ratio of 29.83, a price-to-earnings-growth ratio of 0.96 and a beta of 0.33. The company has a fifty day moving average price of $509.02 and a 200 day moving average price of $487.92.

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

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

Insiders Place Their Bets

In related news, VP Benjamin R. Davies sold 1,156 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the transaction, the vice president now directly owns 537 shares in the company, valued at approximately $286,183.41. This represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 1,255 shares of company stock valued at $666,461 in the last ninety days. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. RPg Family Wealth Advisory LLC acquired a new stake in shares of Northrop Grumman in the third quarter worth approximately $31,000. Meeder Asset Management Inc. grew its stake in shares of Northrop Grumman by 245.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock valued at $33,000 after buying an additional 54 shares during the period. FSA Wealth Management LLC acquired a new stake in shares of Northrop Grumman during the 3rd quarter worth $36,000. Catalyst Capital Advisors LLC purchased a new position in shares of Northrop Grumman in the 3rd quarter worth $40,000. Finally, Strategic Financial Concepts LLC acquired a new position in Northrop Grumman in the second quarter valued at $47,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Northrop Grumman Company Profile

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.