Northrop Grumman (NYSE:NOC) Issues Earnings Results, Beats Expectations By $0.49 EPS

Northrop Grumman (NYSE:NOC) posted its quarterly earnings results on Thursday. The aerospace company reported $6.32 EPS for the quarter, beating analysts’ consensus estimates of $5.83 by $0.49, Briefing.com reports. Northrop Grumman had a net margin of 5.23% and a return on equity of 23.07%. The company had revenue of $10.13 billion during the quarter, compared to analyst estimates of $9.77 billion. During the same period in the prior year, the business posted $5.50 EPS. The firm’s revenue was up 8.9% compared to the same quarter last year. Northrop Grumman updated its FY 2024 guidance to 24.450-24.850 EPS.

Northrop Grumman Price Performance

Shares of Northrop Grumman stock traded down $7.61 on Friday, hitting $480.45. 1,273,812 shares of the company traded hands, compared to its average volume of 1,005,706. The stock has a market capitalization of $71.20 billion, a P/E ratio of 35.72, a price-to-earnings-growth ratio of 1.91 and a beta of 0.35. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.05 and a current ratio of 1.15. Northrop Grumman has a 52 week low of $414.56 and a 52 week high of $496.89. The business has a 50-day simple moving average of $462.00 and a 200 day simple moving average of $465.71.

Northrop Grumman Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Monday, February 26th were given a dividend of $1.87 per share. This represents a $7.48 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, February 23rd. Northrop Grumman’s payout ratio is currently 55.49%.

Wall Street Analyst Weigh In

Several research analysts have commented on NOC shares. Robert W. Baird upped their price objective on shares of Northrop Grumman from $475.00 to $505.00 and gave the stock a “neutral” rating in a report on Friday. Alembic Global Advisors upgraded shares of Northrop Grumman from a “neutral” rating to an “overweight” rating and set a $532.00 price objective for the company in a report on Monday. StockNews.com lowered shares of Northrop Grumman from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Royal Bank of Canada increased their price target on shares of Northrop Grumman from $450.00 to $475.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Susquehanna increased their price target on shares of Northrop Grumman from $540.00 to $560.00 and gave the stock a “positive” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Northrop Grumman has a consensus rating of “Hold” and a consensus target price of $503.00.

Insider Activity

In other news, VP Kathryn G. Simpson sold 1,273 shares of Northrop Grumman stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $450.37, for a total transaction of $573,321.01. Following the sale, the vice president now owns 2,735 shares in the company, valued at $1,231,761.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Kathryn G. Simpson sold 1,273 shares of Northrop Grumman stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $450.37, for a total transaction of $573,321.01. Following the sale, the vice president now owns 2,735 shares in the company, valued at $1,231,761.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Kathryn G. Simpson sold 711 shares of Northrop Grumman 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 sale, the vice president now owns 2,024 shares in the company, valued at approximately $917,317.28. The disclosure for this sale can be found here. Insiders have sold a total of 3,149 shares of company stock worth $1,421,147 over the last quarter. 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.