Northrop Grumman (NYSE:NOC) Posts Earnings Results, Beats Estimates By $0.49 EPS

Northrop Grumman (NYSE:NOC) released its quarterly earnings results on Thursday. The aerospace company reported $6.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.83 by $0.49, Briefing.com reports. The firm had revenue of $10.13 billion for the quarter, compared to analysts’ expectations of $9.77 billion. Northrop Grumman had a net margin of 5.38% and a return on equity of 24.09%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the company earned $5.50 EPS. Northrop Grumman updated its FY 2024 guidance to 24.450-24.850 EPS.

Northrop Grumman Stock Performance

NYSE:NOC opened at $480.53 on Friday. The company’s 50-day moving average is $462.59 and its two-hundred day moving average is $465.77. Northrop Grumman has a 1-year low of $414.56 and a 1-year high of $496.89. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.13 and a quick ratio of 1.05. The firm has a market capitalization of $71.21 billion, a price-to-earnings ratio of 33.60, a PEG ratio of 1.96 and a beta of 0.35.

Northrop Grumman Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Monday, February 26th were given a dividend of $1.87 per share. This represents a $7.48 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Friday, February 23rd. Northrop Grumman’s payout ratio is currently 52.31%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Alembic Global Advisors upgraded shares of Northrop Grumman from a “neutral” rating to an “overweight” rating and set a $532.00 target price on the stock in a research report on Monday, April 22nd. Royal Bank of Canada boosted their price objective on Northrop Grumman from $450.00 to $475.00 and gave the stock a “sector perform” rating in a research note on Friday. Robert W. Baird raised their target price on Northrop Grumman from $475.00 to $505.00 and gave the company a “neutral” rating in a research report on Friday. TheStreet lowered Northrop Grumman from a “b+” rating to a “c+” rating in a research note on Thursday, January 25th. Finally, Susquehanna increased their price objective on Northrop Grumman from $540.00 to $560.00 and gave the company a “positive” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $503.00.

Insider Transactions at Northrop Grumman

In related news, VP Kathryn G. Simpson sold 711 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $453.22, for a total value of $322,239.42. Following the transaction, the vice president now directly owns 2,024 shares in the company, valued at $917,317.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Northrop Grumman news, CAO Michael A. Hardesty sold 955 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $450.37, for a total transaction of $430,103.35. Following the completion of the transaction, the chief accounting officer now owns 4,137 shares of the company’s stock, valued at $1,863,180.69. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Kathryn G. Simpson sold 711 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $453.22, for a total transaction of $322,239.42. Following the completion of the sale, the vice president now directly owns 2,024 shares in the company, valued at $917,317.28. The disclosure for this sale can be found here. Insiders sold 3,149 shares of company stock worth $1,421,147 in the last 90 days. Insiders own 0.22% of the company’s stock.

About Northrop Grumman

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.