Q2 2019 EPS Estimates for Northrop Grumman Co. Lowered by Jefferies Financial Group (NYSE:NOC)

Northrop Grumman Co. (NYSE:NOC) – Jefferies Financial Group lowered their Q2 2019 earnings estimates for Northrop Grumman in a report issued on Sunday, April 28th, Zacks Investment Research reports. Jefferies Financial Group analyst S. Kahyaoglu now forecasts that the aerospace company will post earnings of $4.61 per share for the quarter, down from their previous estimate of $4.74. Jefferies Financial Group also issued estimates for Northrop Grumman’s Q3 2019 earnings at $4.67 EPS, Q4 2019 earnings at $4.96 EPS and FY2021 earnings at $25.75 EPS.

Northrop Grumman (NYSE:NOC) last announced its quarterly earnings results on Wednesday, April 24th. The aerospace company reported $5.06 earnings per share for the quarter, topping analysts’ consensus estimates of $4.59 by $0.47. Northrop Grumman had a return on equity of 41.42% and a net margin of 9.67%. The company had revenue of $8.19 billion during the quarter, compared to analysts’ expectations of $8.34 billion. During the same quarter in the previous year, the firm earned $4.21 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year.

A number of other analysts have also recently weighed in on NOC. Credit Suisse Group reaffirmed a “buy” rating and issued a $302.00 price target on shares of Northrop Grumman in a research report on Wednesday, January 23rd. Cowen reaffirmed a “hold” rating and issued a $300.00 price target on shares of Northrop Grumman in a research report on Thursday, January 31st. Argus reaffirmed a “buy” rating on shares of Northrop Grumman in a research report on Friday, February 1st. Bank of America reaffirmed a “buy” rating and issued a $355.00 price target (down previously from $360.00) on shares of Northrop Grumman in a research report on Friday, February 1st. Finally, Goldman Sachs Group cut Northrop Grumman from a “conviction-buy” rating to a “buy” rating in a research report on Friday, February 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $333.06.

Shares of NYSE:NOC traded up $0.39 on Tuesday, reaching $316.63. The company had a trading volume of 845,179 shares, compared to its average volume of 981,025. Northrop Grumman has a twelve month low of $223.63 and a twelve month high of $340.14. The stock has a market capitalization of $53.40 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.23 and a beta of 0.89. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.18 and a quick ratio of 1.10.

A number of institutional investors and hedge funds have recently modified their holdings of NOC. Standard Life Aberdeen plc increased its stake in Northrop Grumman by 3.2% during the third quarter. Standard Life Aberdeen plc now owns 116,641 shares of the aerospace company’s stock valued at $37,022,000 after acquiring an additional 3,592 shares during the period. Kentucky Retirement Systems bought a new stake in shares of Northrop Grumman in the 3rd quarter valued at approximately $2,101,000. TIAA CREF Investment Management LLC grew its stake in shares of Northrop Grumman by 0.7% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 1,847,391 shares of the aerospace company’s stock valued at $586,306,000 after purchasing an additional 12,079 shares during the period. Paradigm Asset Management Co. LLC grew its stake in shares of Northrop Grumman by 15.0% in the 3rd quarter. Paradigm Asset Management Co. LLC now owns 8,050 shares of the aerospace company’s stock valued at $2,555,000 after purchasing an additional 1,050 shares during the period. Finally, Morgan Stanley grew its stake in shares of Northrop Grumman by 14.2% in the 3rd quarter. Morgan Stanley now owns 1,194,852 shares of the aerospace company’s stock valued at $379,210,000 after purchasing an additional 148,921 shares during the period. Hedge funds and other institutional investors own 83.67% of the company’s stock.

In related news, CAO Michael A. Hardesty sold 259 shares of the business’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $288.38, for a total transaction of $74,690.42. Following the transaction, the chief accounting officer now directly owns 6,253 shares in the company, valued at $1,803,240.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark A. Caylor sold 1,065 shares of the business’s stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $286.84, for a total value of $305,484.60. Following the transaction, the vice president now owns 29,345 shares in the company, valued at $8,417,319.80. The disclosure for this sale can be found here. Insiders have sold a total of 83,100 shares of company stock valued at $24,169,396 in the last three months. 0.45% of the stock is owned by insiders.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Monday, June 3rd will be given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, May 31st. This is a boost from Northrop Grumman’s previous quarterly dividend of $1.20. Northrop Grumman’s payout ratio is currently 22.50%.

About Northrop Grumman

Northrop Grumman Corporation, a security company, provides products in the areas of autonomous systems, cyber, space, strikes, and logistics and modernizations in the United States, the Asia Pacific, and internationally. The company operates through four segments: Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services.

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