Published: Wed, September 20, 2017
Business | By Max Garcia

Northrop Grumman to buy missile maker Orbital for US$7.8bil

Northrop Grumman to buy missile maker Orbital for US$7.8bil

Short shares grew from 488,878 to 515,495 over that period.

The acquisition marks a bold bet on growth for Falls Church, Virginia-based Northrop, which has recently focused on returning cash to shareholders through stock buybacks and dividends. The stock of Orbital ATK Inc (NYSE:OA) has "Buy" rating given on Wednesday, August 26 by Zacks. Great West Life Assurance Co. ASHWORTH SID sold $1.00 million worth of stock or 3,847 shares. Orbital also has been developing the technology to service satellites in space. Globeflex Capital L P now owns 19,260 shares of the company's stock worth $1,640,000 after buying an additional 255 shares in the last quarter. 139.83 million shares or 0.78% less from 140.94 million shares in 2016Q3 were reported.

03/09/2017 - Orbital ATK had its "overweight" rating reiterated by analysts at Barclays.

Traders are a little more bearish on Orbital ATK, Inc. of late if you pay attention to the motion in short interest. It also reduced Pepsico Inc (NYSE:PEP) stake by 2,985 shares and now owns 41,286 shares. Finally, Morgan Stanley assumed coverage on Northrop Grumman Corporation in a report on Tuesday, August 8th. Goldman Sachs Group, Inc.

Shares in the New York-listed Northrop were up 1.45 per cent to $270.90 in United States morning trading, while Orbital's shares rocketed 20.54 per cent to $132.64.

Orbital's stock traded up about 21%, at $133.00 in a 52-week range of $71.52 to $133.39, a new high set this morning. The price represents a premium of 22% above the closing price of Orbital stock as of Friday. Argus boosted their price target on Northrop Grumman Corporation from $270.00 to $295.00 and gave the company a "buy" rating in a report on Friday, August 4th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. The stock of Northrop Grumman Corporation (NYSE:NOC) has "Buy" rating given on Thursday, November 12 by Argus Research.

03/09/2017 - Orbital ATK was upgraded to "outperform" by analysts at Cowen. Overbought is a condition that occurs when price momentum is considered too high and the stock may be due to decline. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Frank L. Jr. Graticule Asia Macro Advisors LLC grew its investment by buying 2,900 shares an increase of 1.6% from 03/31/2017 to 06/30/2017.

Itron, Inc (ITRI) gained 1.5% or $1.12 to $73.93 after the smart metering products maker agreed to acquire smaller rival Silver Springs Networks Inc for $16.25 per share in cash or about $830 million.

Additionally Orbital ATK, Inc. declared a dividend that was paid on Thursday the 22nd of June 2017. "(OA)" was reported by TrueBlueTribune and is the sole property of of TrueBlueTribune. If you are viewing this story on another domain, it was copied illegally and republished in violation of USA & global copyright & trademark legislation. The correct version of this piece can be accessed at https://www.truebluetribune.com/2017/09/17/wells-fargo-company-mn-sells-538411-shares-of-orbital-atk-inc-oa.html.

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