Northrop Grumman (NYSE:NOC) Posts Earnings Results, Beats Estimates By $0.93 EPS

Northrop Grumman (NYSE:NOC) released its earnings results on Thursday. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.07 by $0.93, RTT News reports. Northrop Grumman had a net margin of 5.61% and a return on equity of 25.44%. The company had revenue of $10 billion during the quarter, compared to analyst estimates of $10.18 billion. During the same period in the prior year, the firm posted $6.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Northrop Grumman updated its FY 2024 guidance to 25.650-26.050 EPS and its FY24 guidance to $25.65-26.05 EPS.

Northrop Grumman Trading Up 2.6 %

NYSE:NOC traded up $13.28 during mid-day trading on Thursday, hitting $529.68. 210,636 shares of the stock traded hands, compared to its average volume of 870,011. The company has a quick ratio of 0.99, a current ratio of 1.11 and a debt-to-equity ratio of 1.03. Northrop Grumman has a 52 week low of $418.60 and a 52 week high of $555.57. The stock has a market capitalization of $78.39 billion, a price-to-earnings ratio of 36.11, a PEG ratio of 2.44 and a beta of 0.34. The firm’s 50 day moving average is $522.88 and its two-hundred day moving average is $480.30.

Northrop Grumman Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $2.06 per share. This represents a $8.24 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Tuesday, September 3rd. Northrop Grumman’s payout ratio is 57.62%.

Analyst Ratings Changes

NOC has been the subject of a number of analyst reports. Alembic Global Advisors cut shares of Northrop Grumman from an “overweight” rating to a “neutral” rating and set a $560.00 price objective for the company. in a research note on Tuesday, August 27th. JPMorgan Chase & Co. increased their price target on Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Barclays raised their price target on Northrop Grumman from $470.00 to $500.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Royal Bank of Canada upped their price objective on Northrop Grumman from $475.00 to $500.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Finally, Morgan Stanley lifted their target price on Northrop Grumman from $579.00 to $592.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Northrop Grumman has a consensus rating of “Hold” and a consensus target price of $535.00.

Insiders Place Their Bets

In other news, VP Thomas H. Jones sold 1,389 shares of Northrop Grumman stock in a transaction on Friday, July 26th. The stock was sold at an average price of $477.56, for a total transaction of $663,330.84. Following the completion of the sale, the vice president now directly owns 6,755 shares in the company, valued at approximately $3,225,917.80. This trade represents a 0.00 % 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 link. In related news, VP Thomas H. Jones sold 1,390 shares of Northrop Grumman stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $500.00, for a total value of $695,000.00. Following the completion of the sale, the vice president now directly owns 4,634 shares in the company, valued at $2,317,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Thomas H. Jones sold 1,389 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $477.56, for a total transaction of $663,330.84. Following the transaction, the vice president now owns 6,755 shares in the company, valued at approximately $3,225,917.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,879 shares of company stock valued at $1,410,703 over the last 90 days. Insiders own 0.22% 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.