Wells Fargo & Company Cuts Northrop Grumman (NYSE:NOC) Price Target to $545.00

Northrop Grumman (NYSE:NOC) had its price target decreased by Wells Fargo & Company from $574.00 to $545.00 in a report published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the aerospace company’s stock.

Several other research analysts also recently issued reports on NOC. Susquehanna dropped their price objective on shares of Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Truist Financial assumed coverage on Northrop Grumman in a report on Tuesday, January 14th. They issued a “buy” rating and a $544.00 price target for the company. Wolfe Research raised Northrop Grumman from an “underperform” rating to a “peer perform” rating in a report on Monday, February 3rd. Citigroup boosted their price objective on Northrop Grumman from $587.00 to $591.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Finally, Barclays reduced their target price on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Northrop Grumman presently has an average rating of “Moderate Buy” and a consensus price target of $542.75.

Northrop Grumman Price Performance

Shares of NYSE:NOC opened at $461.74 on Wednesday. The company has a market cap of $66.84 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 3.73 and a beta of 0.35. The business has a 50 day moving average price of $469.44 and a 200 day moving average price of $496.22. The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 0.96. Northrop Grumman has a twelve month low of $418.60 and a twelve month high of $555.57.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Thursday, January 30th. The aerospace company reported $6.39 earnings per share for the quarter, beating the consensus estimate of $6.27 by $0.12. Northrop Grumman had a return on equity of 26.24% and a net margin of 10.17%. Research analysts predict that Northrop Grumman will post 28.05 earnings per share for the current year.

Northrop Grumman Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd will be paid a $2.06 dividend. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Monday, March 3rd. Northrop Grumman’s dividend payout ratio (DPR) is currently 29.08%.

Northrop Grumman declared that its Board of Directors has approved a stock repurchase 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 repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Northrop Grumman news, VP Benjamin R. Davies sold 192 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $429.08, for a total value of $82,383.36. Following the transaction, the vice president now owns 709 shares of the company’s stock, valued at approximately $304,217.72. The trade was a 21.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 291 shares of company stock worth $129,184 in the last three months. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NOC. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Northrop Grumman by 36.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,348 shares of the aerospace company’s stock worth $4,398,000 after purchasing an additional 2,246 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in Northrop Grumman during the 3rd quarter worth $522,000. abrdn plc lifted its holdings in Northrop Grumman by 27.1% during the 3rd quarter. abrdn plc now owns 12,868 shares of the aerospace company’s stock worth $6,756,000 after buying an additional 2,747 shares in the last quarter. Childress Capital Advisors LLC bought a new position in Northrop Grumman in the 3rd quarter valued at $264,000. Finally, Walter & Keenan Wealth Management LLC IN ADV increased its stake in shares of Northrop Grumman by 21.6% in the 3rd quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 575 shares of the aerospace company’s stock valued at $304,000 after buying an additional 102 shares during the period. 83.40% of the stock is owned by institutional investors.

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.