Northrop Grumman Co. (NYSE:NOC) announced a quarterly dividend on Wednesday, February 13th, Wall Street Journal reports. Stockholders of record on Monday, February 25th will be given a dividend of 1.20 per share by the aerospace company on Wednesday, March 13th. This represents a $4.80 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Friday, February 22nd.
Northrop Grumman has increased its dividend by an average of 14.9% annually over the last three years and has increased its dividend every year for the last 11 years. Northrop Grumman has a dividend payout ratio of 28.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Northrop Grumman to earn $21.80 per share next year, which means the company should continue to be able to cover its $4.80 annual dividend with an expected future payout ratio of 22.0%.
Shares of NOC stock traded down $0.78 during trading hours on Wednesday, hitting $283.30. The stock had a trading volume of 643,250 shares, compared to its average volume of 1,092,350. The company has a market capitalization of $48.35 billion, a P/E ratio of 13.28, a PEG ratio of 1.24 and a beta of 0.89. Northrop Grumman has a twelve month low of $223.63 and a twelve month high of $360.88. The company has a current ratio of 1.17, a quick ratio of 1.09 and a debt-to-equity ratio of 1.70.
Northrop Grumman announced that its board has approved a stock buyback program on Tuesday, December 4th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the aerospace company to reacquire up to 6.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Several research firms have recently commented on NOC. Wells Fargo & Co cut their price target on Northrop Grumman from $360.00 to $340.00 and set an “outperform” rating for the company in a research note on Thursday, October 25th. ValuEngine upgraded Northrop Grumman from a “sell” rating to a “hold” rating in a research note on Saturday, November 10th. Zacks Investment Research cut Northrop Grumman from a “buy” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley upped their price target on Northrop Grumman from $305.00 to $308.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Cowen restated a “hold” rating and set a $300.00 price target on shares of Northrop Grumman in a research note on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Northrop Grumman presently has a consensus rating of “Buy” and an average target price of $336.39.
Northrop Grumman Company Profile
Northrop Grumman Corporation operates as a security company for government and commercial customers worldwide. It provides products, systems, and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance, and reconnaissance (C4ISR); strike; and logistics and modernization.
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