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Northrop Grumman Corporation

5/19/2013, 2:35 PM ET

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Friday, May 17, 12:43 PM JPMorgan lifts its price target ($70 from $68) on Northrop Grumman (NOC +3.6%) to reflect Thursday's announcement that the company plans to reduce the number of outstanding shares by 25% by 2015. More interesting is the color in the note regarding NOC's position relative to peers: the company "intends to return essentially all cash to shareholders. Besides LMT's nearly 50% payout ratio (which we believe is likely to rise still higher in September), this is the clearest multi-year strategic statement we have seen among large defense companies, and we think the market will reward this," notes analyst Joseph Nadol III. 1 Comment [On the Move]
Thursday, May 16, 7:48 PM Northrop Grumman (NOC) says its board has approved an additional $4B for share buybacks bringing the total outstanding authorization to $5B. Ultimately, the company wants to retire 25% of its outstanding shares (so, some 58.75M) over the next ~30 months. Shares get a modest +0.61% bump AH on the news. (PR) Comment!
Wednesday, May 15, 1:02 PM Northrop Grumman Corporation. (NOC) declares $0.61/share quarterly dividend, 11% increase from prior dividend of $0.55. Forward yield 3.09%. For shareholders of record May 28. Payable June 12. Ex-div date May 24. (PR) Comment! [Dividends]
Friday, April 26, 4:42 PM Defense companies post strong gains on the week after reports from Raytheon (earnings), Lockheed Martin (earnings), Boeing (earnings), General Dynamics (earnings), and Northrop Grumman (earnings). In a note raising his price target on RTN ($63), Credit Suisse analyst Robert Spinarn summarizes the sector's strong quarterly results: "RTN's Q1 mirrored that of its peers, with a strong EPS beat against consensus, driven by sales and margins [and] in keeping with what we've seen at GD, LMT, and NOC, RTN's FY guidance now incorporates its assessment of the Sequester." On the week: LMT +2.49% , RTN +5% , NOC +4.4% , BA +5.2% , GD +8.89%. Comment!
Wednesday, April 24, 7:07 AM Northrop Grumman (NOC): Q1 EPS of $2.03 beats by $0.32. Revenue of $6.10B beats by $0.14B. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 24, 12:05 AM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 5:30 PM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Monday, April 15, 3:23 PM 2012 marked the first annual contraction in global defense spending in a decade and a half according to Bloomberg, quoting the Stockholm International Peace Research Institute. Between austerity in Europe and the scaling back of defense expenditures associated with Afghanistan in the U.S., global military expenditures were down 0.5% last year in real terms. China meanwhile, increased its outlays by nearly 8% and may overtake the U.S. in less than 10 years. Comment!
Tuesday, April 2, 7:05 PM Citi strategists tweak the criteria for their top dividend-paying stock picks, lowering the standard for dividend yield while adding a new filter for dividend momentum “to give more emphasis on dividend safety and growth." The full list: MO, AEP, T, AVB, BMY, ED, D, DD, DUK, INTC, KMB, KRFT, LLY, MCD, MRK, MSFT, NU, NOC, OXY, PFE, PM, RTN, SRE, SO, SYY, XEL. 5 Comments [Quick Ideas]
Thursday, March 28, 2:24 PM DOD awards $68M in contracts Wednesday: L-3 Communications (LLL +0.7%) gets $8.4M deal for enterprise service support; Boeing (BA -0.7%) wins $12.1M for laser warning system upgrades; Northrop Grumman (NOC -0.1%) lands $24.4M contract extension; Esterline Tech (ESL) wins $22.8M deal for infrared flares. Comment!
Thursday, March 28, 10:23 AM Northrop Grumman (NOC -0.4%) gets $433.5M contract this week from DOD for logistical support on Global Hawk spy drones. The deal, a cost-plus-fixed-fee contract, will last through September 2014. Comment!
Wednesday, March 27, 10:19 AM Defense contract award winners from Tuesday night's DOD release: Philips Electronics' (PHG -2.3%) Medical Systems subsidiary gets $77.2M option; Xerox (XRX -0.4%) gets $14.9M extension of existing deal; Lockheed Martin wins two contracts totaling $47.8M; Nothrop Grumman (NOC -0.7%) gets $12.6M to refurbish missile fuses. Comment!
Tuesday, March 5, 5:37 AM General Dynamics (GD) shipbuilding unit NASSCO has warned over 1,000 workers of indefinite layoffs that may take effect in late April due to the uncertainty caused by the automatic spending cuts that kicked in on Friday. The warning follows one by BAE Systems last week. The reductions will chop the Pentagon's budget by 7.8%, with all major defense contractors set to be hit. 2 Comments [Top Stories, U.S. Economy]
Friday, February 22, 3:57 AM Frank Kendall, the Under Secretary of Defense for Acquisition, has authorized the Pentagon's purchasers and program managers to start talking to suppliers about the plans for implementing $46B of automatic cost reductions, which are due to take effect next Friday. The impact of the cuts will be exacerbated by the DOD not receiving an appropriation for this year, with much of its money in the wrong accounts. 1 Comment [U.S. Economy]
Wednesday, February 20, 5:55 AM Northrop Grumman Corporation (NOC) declares $0.55/share quarterly dividend, in line with previous. Forward yield 3.32%. For shareholders of record Mar. 04. Payable Mar. 20. Ex-div date Feb. 28. (PR) Comment! [Dividends]
Saturday, February 9, 8:25 AM Shares of big defense companies - NOC, GD, LMT - have dropped during the past two weeks ahead of possible federal budget cuts coming March 1. D.C. politicians may yet kick the can down the road, but some say House Republicans won't flinch, since defense spending "can always be replaced [later] during the appropriations process, after the cuts are put into place." 4 Comments [U.S. Economy]

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