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

Northrop Grumman (NYSE:NOC) issued its quarterly earnings data on Thursday. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93, RTT News reports. Northrop Grumman had a return on equity of 25.44% and a net margin of 5.61%. The company had revenue of $10 billion during the quarter, compared to the consensus estimate of $10.18 billion. During the same period last year, the company earned $6.18 earnings per share. The firm’s 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 Stock Performance

NOC opened at $519.35 on Friday. Northrop Grumman has a 1-year low of $418.60 and a 1-year high of $555.57. The company has a market cap of $75.95 billion, a price-to-earnings ratio of 33.90, a PEG ratio of 2.38 and a beta of 0.34. The company’s fifty day moving average price is $523.54 and its two-hundred day moving average price is $481.22. The company has a current ratio of 1.11, a quick ratio of 0.99 and a debt-to-equity ratio of 1.03.

Northrop Grumman Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Tuesday, September 3rd were given a $2.06 dividend. This represents a $8.24 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, September 3rd. Northrop Grumman’s payout ratio is currently 53.79%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NOC. JPMorgan Chase & Co. boosted their price target on shares of Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Susquehanna boosted their target price on shares of Northrop Grumman from $560.00 to $625.00 and gave the company a “positive” rating in a report on Friday. StockNews.com raised shares of Northrop Grumman from a “hold” rating to a “buy” rating in a research report on Friday, July 12th. TD Cowen raised Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. Finally, Barclays upped their target price on Northrop Grumman from $470.00 to $500.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $547.44.

Insider Activity

In related news, VP Thomas H. Jones sold 1,390 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $500.00, for a total value of $695,000.00. Following the transaction, the vice president now owns 4,634 shares of the company’s stock, valued at approximately $2,317,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 1,490 shares of company stock worth $747,372 over the last three months. 0.22% of the stock is currently owned by insiders.

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.