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

Northrop Grumman (NYSE:NOC) announced its earnings results on Thursday. The aerospace company reported $7.00 EPS for the quarter, beating the consensus estimate of $6.07 by $0.93, RTT News reports. Northrop Grumman had a net margin of 5.61% and a return on equity of 25.44%. The company had revenue of $10 billion during the quarter, compared to the consensus estimate of $10.18 billion. During the same quarter in the prior year, the company posted $6.18 earnings per share. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. 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 Price Performance

NOC stock opened at $519.35 on Friday. The firm has a 50-day moving average of $523.54 and a 200 day moving average of $481.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.11 and a quick ratio of 0.99. The company has a market cap of $75.95 billion, a P/E ratio of 33.90, a PEG ratio of 2.38 and a beta of 0.34. Northrop Grumman has a 1 year low of $418.60 and a 1 year high of $555.57.

Northrop Grumman Announces Dividend

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

Insiders Place Their Bets

In related news, VP Thomas H. Jones sold 1,390 shares of Northrop Grumman stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $500.00, for a total transaction of $695,000.00. Following the sale, the vice president now directly owns 4,634 shares in the company, valued at $2,317,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 1,490 shares of company stock worth $747,372. Company insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Alembic Global Advisors cut shares of Northrop Grumman from an “overweight” rating to a “neutral” rating and set a $560.00 target price on the stock. in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft upgraded shares of Northrop Grumman from a “hold” rating to a “buy” rating and increased their target price for the stock from $474.00 to $575.00 in a research note on Monday, July 29th. Royal Bank of Canada boosted their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a research report on Friday. Citigroup increased their price objective 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, Susquehanna boosted their target price on Northrop Grumman from $560.00 to $625.00 and gave the stock a “positive” rating in a research report on Friday. 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 data from MarketBeat, the company has an average rating of “Hold” and an average price target of $547.44.

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.