Northrop Grumman Corporation (NYSE:NOC) shares reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $301.71 and last traded at $303.31, with a volume of 904,144 shares changing hands. The stock had previously closed at $294.03.
The aerospace company reported $3.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.92 by $0.76. Northrop Grumman Corporation had a net margin of 9.20% and a return on equity of 39.22%. The company had revenue of $6.53 billion during the quarter, compared to the consensus estimate of $6.33 billion. During the same period in the prior year, the firm earned $3.35 earnings per share. Northrop Grumman Corporation’s revenue was up 6.0% on a year-over-year basis.
A number of equities analysts recently issued reports on the stock. Cowen and Company reissued a “hold” rating and issued a $300.00 price target (up from $275.00) on shares of Northrop Grumman Corporation in a research note on Thursday. Goldman Sachs Group, Inc. (The) set a $320.00 price target on shares of Northrop Grumman Corporation and gave the stock a “buy” rating in a research note on Thursday. Royal Bank Of Canada raised their target price on shares of Northrop Grumman Corporation from $324.00 to $347.00 and gave the company an “outperform” rating in a research note on Thursday. Deutsche Bank AG reaffirmed a “buy” rating and set a $325.00 target price (up previously from $285.00) on shares of Northrop Grumman Corporation in a research note on Monday, October 2nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $269.00 target price on shares of Northrop Grumman Corporation in a research note on Friday, September 29th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $283.08.
In related news, VP Lisa R. Davis sold 367 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $263.25, for a total value of $96,612.75. Following the sale, the vice president now owns 961 shares in the company, valued at $252,983.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Salem Investment Counselors Inc. boosted its holdings in Northrop Grumman Corporation by 1.2% in the second quarter. Salem Investment Counselors Inc. now owns 812 shares of the aerospace company’s stock worth $208,000 after purchasing an additional 10 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Northrop Grumman Corporation by 0.8% in the second quarter. Cetera Investment Advisers now owns 1,278 shares of the aerospace company’s stock worth $328,000 after purchasing an additional 10 shares during the last quarter. Bank of Stockton boosted its holdings in Northrop Grumman Corporation by 0.9% in the second quarter. Bank of Stockton now owns 1,294 shares of the aerospace company’s stock worth $332,000 after purchasing an additional 12 shares during the last quarter. Eqis Capital Management Inc. boosted its holdings in Northrop Grumman Corporation by 1.0% in the second quarter. Eqis Capital Management Inc. now owns 1,318 shares of the aerospace company’s stock worth $338,000 after purchasing an additional 13 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its holdings in Northrop Grumman Corporation by 2.8% in the first quarter. Perigon Wealth Management LLC now owns 546 shares of the aerospace company’s stock worth $130,000 after purchasing an additional 15 shares during the last quarter. Institutional investors own 81.26% of the company’s stock.
The stock has a 50 day moving average of $284.91 and a 200 day moving average of $264.95. The company has a market cap of $51.88 billion, a P/E ratio of 22.76 and a beta of 0.68.
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About Northrop Grumman Corporation
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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