Northrop Grumman (NYSE:NOC) Upgraded to “Peer Perform” at Wolfe Research

Northrop Grumman (NYSE:NOC) was upgraded by equities researchers at Wolfe Research from an “underperform” rating to a “peer perform” rating in a note issued to investors on Monday,Benzinga reports.

A number of other analysts have also recently weighed in on NOC. UBS Group cut their price target on Northrop Grumman from $579.00 to $558.00 and set a “buy” rating on the stock in a research note on Friday. Barclays cut their target price on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Citigroup upgraded Northrop Grumman from a “neutral” rating to a “buy” rating and set a $587.00 target price on the stock in a research report on Tuesday, January 21st. TD Cowen upgraded Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $544.31.

Northrop Grumman Stock Up 0.7 %

Shares of NYSE NOC opened at $486.97 on Monday. The stock has a market cap of $70.49 billion, a P/E ratio of 17.18, a PEG ratio of 0.91 and a beta of 0.35. The company has a current ratio of 1.01, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Northrop Grumman has a 12-month low of $418.60 and a 12-month high of $555.57. The business’s fifty day simple moving average is $478.20 and its 200-day simple moving average is $498.76.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share for the quarter, beating analysts’ consensus estimates of $6.27 by $0.12. Northrop Grumman had a return on equity of 26.24% and a net margin of 10.17%. As a group, equities analysts predict that Northrop Grumman will post 28.04 EPS for the current fiscal year.

Northrop Grumman declared that its Board of Directors has initiated a share buyback program on Wednesday, December 11th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, VP Benjamin R. Davies sold 1,156 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $532.93, for a total transaction of $616,067.08. Following the transaction, the vice president now owns 537 shares in the company, valued at $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 1,255 shares of company stock valued at $663,859. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Trinity Street Asset Management LLP grew its position in Northrop Grumman by 3.8% in the fourth quarter. Trinity Street Asset Management LLP now owns 48,367 shares of the aerospace company’s stock worth $22,698,000 after buying an additional 1,786 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Northrop Grumman during the 3rd quarter worth approximately $604,000. Fisher Asset Management LLC grew its position in Northrop Grumman by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 212,514 shares of the aerospace company’s stock worth $112,222,000 after purchasing an additional 5,334 shares in the last quarter. AIA Group Ltd grew its position in Northrop Grumman by 20.0% during the 3rd quarter. AIA Group Ltd now owns 7,458 shares of the aerospace company’s stock worth $3,938,000 after purchasing an additional 1,242 shares in the last quarter. Finally, Parsons Capital Management Inc. RI grew its position in Northrop Grumman by 1,316.9% during the 4th quarter. Parsons Capital Management Inc. RI now owns 16,139 shares of the aerospace company’s stock worth $7,574,000 after purchasing an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.