Wells Fargo & Company Has Lowered Expectations for Northrop Grumman (NYSE:NOC) Stock Price

Northrop Grumman (NYSE:NOC) had its price objective lowered by research analysts at Wells Fargo & Company from $565.00 to $505.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the aerospace company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 6.08% from the stock’s current price.

NOC has been the topic of a number of other research reports. StockNews.com upgraded Northrop Grumman from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 6th. Susquehanna upped their target price on Northrop Grumman from $560.00 to $625.00 and gave the stock a “positive” rating in a research note on Friday, October 25th. Barclays increased their price target on Northrop Grumman from $500.00 to $550.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup increased their price target on Northrop Grumman from $521.00 to $587.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Finally, TD Cowen upgraded Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $546.81.

Northrop Grumman Stock Performance

Shares of NOC stock traded down $4.14 during mid-day trading on Wednesday, reaching $476.04. The stock had a trading volume of 165,550 shares, compared to its average volume of 856,720. The business’s fifty day moving average is $511.56 and its 200-day moving average is $487.91. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 1.00. The firm has a market cap of $69.36 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 0.96 and a beta of 0.33. Northrop Grumman has a 1-year low of $418.60 and a 1-year high of $555.57.

Northrop Grumman (NYSE:NOC) last issued its earnings results on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The firm had revenue of $10 billion for the quarter, compared to the consensus estimate of $10.18 billion. During the same quarter in the prior year, the business earned $6.18 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. On average, research analysts forecast that Northrop Grumman will post 25.93 earnings per share for the current year.

Insider Activity at Northrop Grumman

In related news, VP Benjamin R. Davies sold 1,156 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the sale, the vice president now owns 537 shares of the company’s stock, valued at approximately $286,183.41. This trade represents a 68.28 % 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. Over the last 90 days, insiders sold 1,255 shares of company stock valued at $666,461. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Northrop Grumman

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its stake in Northrop Grumman by 0.4% during the third quarter. Wellington Management Group LLP now owns 4,140,892 shares of the aerospace company’s stock worth $2,186,681,000 after acquiring an additional 17,596 shares during the last quarter. Geode Capital Management LLC increased its stake in Northrop Grumman by 0.6% during the third quarter. Geode Capital Management LLC now owns 3,003,360 shares of the aerospace company’s stock worth $1,581,644,000 after acquiring an additional 18,791 shares during the last quarter. Franklin Resources Inc. increased its stake in Northrop Grumman by 6.2% during the third quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock worth $1,315,729,000 after acquiring an additional 141,816 shares during the last quarter. Legal & General Group Plc increased its stake in Northrop Grumman by 16.0% during the second quarter. Legal & General Group Plc now owns 1,087,913 shares of the aerospace company’s stock worth $474,276,000 after acquiring an additional 150,367 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Northrop Grumman by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 809,445 shares of the aerospace company’s stock worth $427,444,000 after acquiring an additional 3,211 shares during the last quarter. Institutional investors and hedge funds own 83.40% 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.