Northrop Grumman (NYSE:NOC) Issues Earnings Results, Beats Estimates By $0.49 EPS

Northrop Grumman (NYSE:NOC) posted its quarterly earnings results on Thursday. The aerospace company reported $6.32 EPS for the quarter, topping analysts’ consensus estimates of $5.83 by $0.49, Briefing.com reports. Northrop Grumman had a return on equity of 23.07% and a net margin of 5.23%. The company had revenue of $10.13 billion for the quarter, compared to analysts’ expectations of $9.77 billion. During the same period in the previous year, the firm earned $5.50 EPS. The firm’s revenue was up 8.9% compared to the same quarter last year. Northrop Grumman updated its FY 2024 guidance to 24.450-24.850 EPS.

Northrop Grumman Stock Down 1.6 %

NYSE:NOC traded down $7.61 during trading hours on Friday, reaching $480.45. The company’s stock had a trading volume of 1,275,104 shares, compared to its average volume of 1,002,050. The company has a market capitalization of $71.20 billion, a P/E ratio of 35.72, a price-to-earnings-growth ratio of 1.91 and a beta of 0.35. Northrop Grumman has a 12 month low of $414.56 and a 12 month high of $496.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.05 and a current ratio of 1.15. The stock has a 50 day moving average price of $462.00 and a two-hundred day moving average price of $465.71.

Northrop Grumman Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Monday, February 26th were paid a dividend of $1.87 per share. This represents a $7.48 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Friday, February 23rd. Northrop Grumman’s dividend payout ratio is presently 55.49%.

Insider Buying and Selling

In related news, CAO Michael A. Hardesty sold 955 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $450.37, for a total value of $430,103.35. Following the completion of the transaction, the chief accounting officer now owns 4,137 shares of the company’s stock, valued at $1,863,180.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Michael A. Hardesty sold 210 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $454.68, for a total transaction of $95,482.80. Following the sale, the chief accounting officer now directly owns 3,127 shares of the company’s stock, valued at $1,421,784.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michael A. Hardesty sold 955 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $450.37, for a total transaction of $430,103.35. Following the sale, the chief accounting officer now directly owns 4,137 shares in the company, valued at $1,863,180.69. The disclosure for this sale can be found here. Insiders sold 3,149 shares of company stock valued at $1,421,147 over the last 90 days. Corporate insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on NOC. Robert W. Baird boosted their price target on Northrop Grumman from $475.00 to $505.00 and gave the stock a “neutral” rating in a report on Friday. Susquehanna increased their target price on Northrop Grumman from $540.00 to $560.00 and gave the company a “positive” rating in a research report on Friday. Alembic Global Advisors upgraded shares of Northrop Grumman from a “neutral” rating to an “overweight” rating and set a $532.00 price target on the stock in a research report on Monday. Royal Bank of Canada increased their price objective on shares of Northrop Grumman from $450.00 to $475.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, TheStreet downgraded shares of Northrop Grumman from a “b+” rating to a “c+” rating in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Northrop Grumman has an average rating of “Hold” and a consensus target price of $503.00.

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.