Northrop Grumman Corp. (NOC) Sees Strong Trading Volume
Shares of Northrop Grumman Corp. (NYSE:NOC) saw unusually-strong trading volume on Friday . Approximately 924,898 shares were traded during mid-day trading, a decline of 19% from the previous session’s volume of 1,135,122 shares.The stock last traded at $221.49 and had previously closed at $221.13.
A number of equities research analysts have recently weighed in on NOC shares. Vetr raised Northrop Grumman Corp. from a “hold” rating to a “buy” rating and set a $208.72 target price for the company in a research note on Monday, April 18th. Goldman Sachs Group Inc. upped their price target on Northrop Grumman Corp. from $219.00 to $233.00 and gave the company a “buy” rating in a research report on Tuesday, April 12th. Guggenheim began coverage on Northrop Grumman Corp. in a research report on Monday, April 4th. They set a “buy” rating and a $226.00 price target for the company. Deutsche Bank AG reaffirmed a “buy” rating on shares of Northrop Grumman Corp. in a research report on Monday, March 28th. Finally, Zacks Investment Research raised Northrop Grumman Corp. from a “hold” rating to a “buy” rating and set a $230.00 price target for the company in a research report on Friday, April 29th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Northrop Grumman Corp. has a consensus rating of “Buy” and a consensus target price of $217.03.
The firm has a market cap of $39.96 billion and a price-to-earnings ratio of 20.11. The company’s 50 day moving average is $217.17 and its 200 day moving average is $201.07.
Northrop Grumman Corp. (NYSE:NOC) last posted its quarterly earnings results on Wednesday, April 27th. The company reported $2.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.28. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.92 billion. The business’s revenue was up .0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.41 EPS. Analysts anticipate that Northrop Grumman Corp. will post $10.70 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Monday, June 6th were paid a dividend of $0.90 per share. This is a positive change from Northrop Grumman Corp.’s previous quarterly dividend of $0.80. This represents a $3.60 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Thursday, June 2nd.
In related news, CEO Wesley G. Bush sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $209.96, for a total value of $7,348,600.00. Following the completion of the transaction, the chief executive officer now owns 70,000 shares of the company’s stock, valued at $14,697,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Christopher T. Jones sold 240 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $211.57, for a total transaction of $50,776.80. Following the completion of the transaction, the vice president now directly owns 48,297 shares of the company’s stock, valued at approximately $10,218,196.29. The disclosure for this sale can be found here.
A number of institutional investors have modified their holdings of NOC. Oakmont Corp acquired a new position in shares of Northrop Grumman Corp. during the fourth quarter worth approximately $53,586,000. Rovida Advisors Inc. acquired a new position in shares of Northrop Grumman Corp. during the fourth quarter worth approximately $40,206,000. Cypress Funds LLC acquired a new position in shares of Northrop Grumman Corp. during the fourth quarter worth approximately $24,073,000. Roosevelt Investment Group Inc. acquired a new position in shares of Northrop Grumman Corp. during the fourth quarter worth approximately $20,849,000. Finally, State of New Jersey Common Pension Fund D increased its position in shares of Northrop Grumman Corp. by 1,400.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 75,000 shares of the company’s stock worth $14,161,000 after buying an additional 70,000 shares during the period.
Northrop Grumman Corporation (Northrop Grumman) is a global security company. The Company provides systems, products and solutions in unmanned systems; cyber; command, control, communications and computers (C4), intelligence, surveillance, and reconnaissance (C4ISR); strike aircraft, and logistics and modernization to Government and commercial customers across the world.
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