Wells Fargo & Company Has Lowered Expectations for Northrop Grumman (NYSE:NOC) Stock Price

Northrop Grumman (NYSE:NOC) had its price objective reduced by Wells Fargo & Company from $565.00 to $505.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the aerospace company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.88% from the stock’s previous close.

A number of other equities analysts have also issued reports on NOC. StockNews.com upgraded Northrop Grumman from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 6th. UBS Group lifted their target price on Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Susquehanna increased their price target on shares of Northrop Grumman from $560.00 to $625.00 and gave the stock a “positive” rating in a report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Finally, Citigroup upped their price objective on shares of Northrop Grumman from $521.00 to $587.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $546.81.

Northrop Grumman Stock Up 1.2 %

Shares of NOC stock opened at $481.51 on Wednesday. The stock’s fifty day moving average price is $509.02 and its 200 day moving average price is $487.92. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.09 and a quick ratio of 0.97. Northrop Grumman has a 1-year low of $418.60 and a 1-year high of $555.57. The company has a market cap of $70.15 billion, a price-to-earnings ratio of 29.83, a price-to-earnings-growth ratio of 0.96 and a beta of 0.33.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.07 by $0.93. The firm had revenue of $10 billion for the quarter, compared to the consensus estimate of $10.18 billion. Northrop Grumman had a net margin of 5.79% and a return on equity of 26.57%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.18 earnings per share. On average, research analysts expect that Northrop Grumman will post 25.93 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, VP Benjamin R. Davies sold 1,156 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the transaction, the vice president now owns 537 shares of the company’s stock, valued at $286,183.41. This represents a 68.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 1,255 shares of company stock worth $666,461. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Northrop Grumman

Several hedge funds have recently bought and sold shares of the company. RPg Family Wealth Advisory LLC purchased a new position in shares of Northrop Grumman in the third quarter valued at approximately $31,000. FSA Wealth Management LLC purchased a new position in Northrop Grumman in the 3rd quarter valued at approximately $36,000. Meeder Asset Management Inc. grew its stake in shares of Northrop Grumman by 245.5% in the second quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock worth $33,000 after acquiring an additional 54 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Northrop Grumman during the third quarter worth $40,000. Finally, True Wealth Design LLC acquired a new stake in shares of Northrop Grumman in the third quarter valued at $53,000. 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.