Wells Fargo & Company Upgrades Northrop Grumman (NYSE:NOC) to "Overweight"

Northrop Grumman (NYSE:NOC - Get Free Report) was upgraded by equities research analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research report issued on Wednesday, MarketBeat reports. The firm currently has a $595.00 price objective on the aerospace company's stock. Wells Fargo & Company's price objective indicates a potential upside of 28.60% from the stock's previous close.

NOC has been the topic of several other reports. Citigroup boosted their target price on Northrop Grumman from $521.00 to $587.00 and gave the company a "neutral" rating in a research note on Thursday, October 10th. StockNews.com raised Northrop Grumman from a "buy" rating to a "strong-buy" rating in a research report on Friday, January 3rd. Royal Bank of Canada lifted their price target on Northrop Grumman from $500.00 to $540.00 and gave the company a "sector perform" rating in a research report on Friday, October 25th. JPMorgan Chase & Co. upped 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. Finally, TD Cowen raised Northrop Grumman to a "hold" rating in a research report on Tuesday, October 8th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $551.40.

Northrop Grumman Trading Up 2.3 %

Shares of NYSE NOC traded up $10.29 during mid-day trading on Wednesday, hitting $462.68. The stock had a trading volume of 746,583 shares, compared to its average volume of 788,557. The firm has a market cap of $67.41 billion, a P/E ratio of 28.67, a price-to-earnings-growth ratio of 0.97 and a beta of 0.35. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.97 and a current ratio of 1.09. The business has a 50 day moving average price of $487.49 and a two-hundred day moving average price of $492.42. Northrop Grumman has a 1 year low of $418.60 and a 1 year high of $555.57.

Northrop Grumman (NYSE:NOC - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.07 by $0.93. The firm had revenue of $10 billion for the quarter, compared to analysts' expectations 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 previous year, the company earned $6.18 earnings per share. On average, equities analysts anticipate that Northrop Grumman will post 25.93 EPS for the current fiscal year.

Northrop Grumman announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 11th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the aerospace company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

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 value of $616,067.08. Following the sale, the vice president now owns 537 shares in the company, valued at approximately $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 1,255 shares of company stock valued at $663,859. Corporate insiders own 0.22% of the company's stock.

Hedge Funds Weigh In On Northrop Grumman

Several hedge funds and other institutional investors have recently modified their holdings of NOC. RPg Family Wealth Advisory LLC purchased a new stake in Northrop Grumman during the third quarter valued at $31,000. Meeder Asset Management Inc. increased its position in shares of Northrop Grumman by 245.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company's stock valued at $33,000 after purchasing an additional 54 shares during the last quarter. FSA Wealth Management LLC purchased a new stake in shares of Northrop Grumman during the 3rd quarter valued at about $36,000. Modus Advisors LLC bought a new position in shares of Northrop Grumman in the 4th quarter worth approximately $38,000. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of Northrop Grumman in the third quarter worth approximately $40,000. 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.