Wells Fargo & Company Cuts Northrop Grumman (NYSE:NOC) Price Target to $574.00

Northrop Grumman (NYSE:NOC - Get Free Report) had its price target cut by analysts at Wells Fargo & Company from $595.00 to $574.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the aerospace company's stock. Wells Fargo & Company's target price points to a potential upside of 18.59% from the company's current price.

Several other equities research analysts have also recently commented on NOC. Susquehanna dropped their target price on 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 initiated coverage on shares of Northrop Grumman in a report on Tuesday, January 14th. They set a "buy" rating and a $544.00 target price for the company. JPMorgan Chase & Co. upped their target price on Northrop Grumman from $500.00 to $560.00 and gave the company a "neutral" rating in a report on Monday, October 14th. UBS Group raised their target price on shares of Northrop Grumman from $614.00 to $643.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Finally, Royal Bank of Canada increased their target price on Northrop Grumman from $500.00 to $540.00 and gave the company a "sector perform" rating in a report on Friday, October 25th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $549.63.

Northrop Grumman Stock Up 0.1 %

Shares of NOC stock traded up $0.63 during trading hours on Friday, hitting $484.00. 108,008 shares of the company were exchanged, compared to its average volume of 834,798. 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 stock has a market capitalization of $70.52 billion, a price-to-earnings ratio of 29.97, a P/E/G ratio of 0.91 and a beta of 0.35. Northrop Grumman has a one year low of $418.60 and a one year high of $555.57. The business's 50-day simple moving average is $478.40 and its two-hundred day simple moving average is $497.53.

Northrop Grumman (NYSE:NOC - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.27 by $0.12. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. Sell-side analysts predict that Northrop Grumman will post 25.96 EPS for the current fiscal year.

Northrop Grumman announced that its Board of Directors has approved a share repurchase program on Wednesday, December 11th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, VP Benjamin R. Davies sold 1,156 shares of the firm's stock in a transaction dated 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 in the company, valued at $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 1,255 shares of company stock valued at $663,859. Insiders own 0.22% of the company's stock.

Institutional Investors Weigh In On Northrop Grumman

Institutional investors have recently made changes to their positions in the stock. Two Sigma Advisers LP raised its stake in Northrop Grumman by 102.6% during the 3rd quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company's stock worth $388,448,000 after buying an additional 372,500 shares during the period. Franklin Resources Inc. grew its position in shares of Northrop Grumman by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company's stock valued at $1,315,729,000 after purchasing an additional 141,816 shares during the period. Wedge Capital Management L L P NC bought a new stake in Northrop Grumman during the 4th quarter worth approximately $66,171,000. International Assets Investment Management LLC acquired a new stake in Northrop Grumman during the 4th quarter worth approximately $622,000. Finally, National Bank of Canada FI lifted its stake in Northrop Grumman by 154.7% in the third quarter. National Bank of Canada FI now owns 157,601 shares of the aerospace company's stock valued at $83,224,000 after buying an additional 95,724 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

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.

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