Northrop Grumman Corporation (NOC) Sets New 52-Week High Following Strong Earnings

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.

ILLEGAL ACTIVITY WARNING: “Northrop Grumman Corporation (NOC) Sets New 52-Week High Following Strong Earnings” was published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of international copyright & trademark laws. The correct version of this piece of content can be accessed at https://www.dispatchtribunal.com/2017/10/27/northrop-grumman-corporation-noc-sets-new-52-week-high-following-strong-earnings.html.

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.

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

Leave a Reply