Northrop Grumman (NOC) Given New $350.00 Price Target at Citigroup

Northrop Grumman (NYSE:NOC) had its price target trimmed by Citigroup from $370.00 to $350.00 in a report published on Thursday. The firm currently has a buy rating on the aerospace company’s stock.

A number of other brokerages also recently issued reports on NOC. Credit Suisse Group boosted their price objective on shares of Northrop Grumman from $326.00 to $341.00 and gave the company a neutral rating in a research report on Wednesday, June 27th. Zacks Investment Research raised shares of Northrop Grumman from a hold rating to a buy rating and set a $352.00 price objective on the stock in a research report on Thursday, October 11th. JPMorgan Chase & Co. reduced their price objective on shares of Northrop Grumman from $375.00 to $360.00 and set an overweight rating on the stock in a research report on Friday, July 27th. Goldman Sachs Group reduced their price objective on shares of Northrop Grumman to $414.00 and set a conviction-buy rating on the stock in a research report on Thursday, July 26th. Finally, Stifel Nicolaus reissued a hold rating and set a $300.00 price objective on shares of Northrop Grumman in a research report on Thursday, July 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $361.65.

Northrop Grumman stock traded down $0.14 during mid-day trading on Thursday, reaching $269.84. 1,971,570 shares of the company traded hands, compared to its average volume of 1,200,636. The company has a current ratio of 1.26, a quick ratio of 1.15 and a debt-to-equity ratio of 1.53. The company has a market cap of $46.85 billion, a P/E ratio of 20.32, a PEG ratio of 1.27 and a beta of 0.67. Northrop Grumman has a 52-week low of $263.54 and a 52-week high of $360.88.



Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Wednesday, October 24th. The aerospace company reported $6.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.35 by $2.19. The business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.99 billion. Northrop Grumman had a net margin of 9.62% and a return on equity of 38.27%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.67 EPS. Analysts predict that Northrop Grumman will post 19.09 EPS for the current fiscal year.

In other news, VP Sheila C. Cheston sold 10,440 shares of the company’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $320.00, for a total value of $3,340,800.00. Following the sale, the vice president now directly owns 43,696 shares of the company’s stock, valued at approximately $13,982,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Wesley G. Bush sold 20,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 18,701 shares in the company, valued at $5,571,214.91. The disclosure for this sale can be found here. Insiders sold a total of 47,052 shares of company stock worth $14,323,601 over the last ninety days. Insiders own 0.62% of the company’s stock.

Several large investors have recently added to or reduced their stakes in NOC. Cornerstone Wealth Management LLC grew its position in shares of Northrop Grumman by 31,477.7% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 779,970 shares of the aerospace company’s stock worth $2,525,000 after buying an additional 777,500 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Northrop Grumman by 15.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,716,917 shares of the aerospace company’s stock worth $1,497,008,000 after buying an additional 614,356 shares during the period. Point72 Asset Management L.P. grew its position in shares of Northrop Grumman by 1,187.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 439,175 shares of the aerospace company’s stock worth $135,134,000 after buying an additional 405,075 shares during the period. Millennium Management LLC grew its position in shares of Northrop Grumman by 153.0% in the 2nd quarter. Millennium Management LLC now owns 600,981 shares of the aerospace company’s stock worth $184,922,000 after buying an additional 363,407 shares during the period. Finally, Winslow Capital Management LLC grew its position in shares of Northrop Grumman by 26.9% in the 2nd quarter. Winslow Capital Management LLC now owns 942,269 shares of the aerospace company’s stock worth $289,936,000 after buying an additional 200,026 shares during the period. 81.66% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Story: Market Capitalization in the Stock Market

Analyst Recommendations for Northrop Grumman (NYSE:NOC)

Receive News & Ratings for Northrop Grumman Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northrop Grumman and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply