Northrop Grumman (NYSE:NOC) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Northrop Grumman (NYSE:NOC) from an equal weight rating to an overweight rating in a report released on Wednesday, Marketbeat Ratings reports. Wells Fargo & Company currently has $595.00 target price on the aerospace company’s stock.

NOC has been the subject of several other research reports. TD Cowen upgraded Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. Barclays decreased their target price on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating for the company in a research report on Monday. JPMorgan Chase & Co. raised their price target on Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. UBS Group raised their price target on Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada raised their price target on Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $551.40.

Northrop Grumman Price Performance

Shares of NYSE NOC opened at $462.68 on Wednesday. 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. The business has a 50 day moving average price of $486.64 and a two-hundred day moving average price 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 has a fifty-two week low of $418.60 and a fifty-two week high of $555.57.

Northrop Grumman (NYSE:NOC) last issued its earnings results on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping the consensus estimate of $6.07 by $0.93. The company 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 was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $6.18 EPS. Sell-side analysts expect that Northrop Grumman will post 25.93 earnings per share for the current fiscal year.

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

Northrop Grumman Announces Dividend

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

Insider Activity

In related news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman 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 transaction, the vice president now directly owns 537 shares in the company, valued at $286,183.41. The trade was a 68.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have sold 1,255 shares of company stock worth $663,859. 0.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northrop Grumman

Hedge funds have recently modified their holdings of the stock. Ascent Group LLC grew its holdings in shares of Northrop Grumman by 0.5% during the second quarter. Ascent Group LLC now owns 4,337 shares of the aerospace company’s stock valued at $1,891,000 after buying an additional 20 shares in the last quarter. Cornell Pochily Investment Advisors Inc. grew its holdings in shares of Northrop Grumman by 0.9% during the third quarter. Cornell Pochily Investment Advisors Inc. now owns 2,141 shares of the aerospace company’s stock valued at $1,131,000 after buying an additional 20 shares in the last quarter. Asset Dedication LLC grew its holdings in shares of Northrop Grumman by 1.0% during the third quarter. Asset Dedication LLC now owns 2,025 shares of the aerospace company’s stock valued at $1,069,000 after buying an additional 20 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in shares of Northrop Grumman by 1.4% during the third quarter. Foundations Investment Advisors LLC now owns 1,478 shares of the aerospace company’s stock valued at $780,000 after buying an additional 20 shares in the last quarter. Finally, PBMares Wealth Management LLC grew its holdings in shares of Northrop Grumman by 0.5% during the third quarter. PBMares Wealth Management LLC now owns 4,421 shares of the aerospace company’s stock valued at $2,335,000 after buying an additional 20 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.