The misstatements relate primarily to the company’s $2.3 billion contract with the U.S. Army to manufacture and supply ammunition at the Army’s Lake City Army Ammunition Plant for an initial period of seven years and up to 10 years total.
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Orbital ATK Inc. said Wednesday that it would miss its filing deadline for its most recent quarter and restate more than a year of results due to accounting issues.
The contract accounts for around 5% of group sales and was inherited from Alliant Techsystems Inc., which merged past year with Orbital Sciences Corp.to form Orbital ATK. The disclosure for this sale can be found here. “Orbital ATK, Inc., formerly known as Alliant Techsystems Inc., is headquartered in Dulles, Virginia”.
OA has been the subject of a number of analyst reports. Jefferies Group reaffirmed a “buy” rating on shares of Orbital ATK in a research note on Sunday, May 8th.
According to Zacks Investment Research, “Orbital ATK, Inc. designs, builds and delivers space, defense and aviation-related systems”.
The company said it continues to assess the issues with the help of outside professionals.
TheStreet Ratings rated this stock as a “hold” with a ratings score of C. Orbital ATK presently has a consensus rating of Buy and an average price target of $100.30. The company provided earnings per share guidance of ~$1.35 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.31. State Street Corp increased its position in shares of Orbital ATK by 11.9% in the first quarter. Geode Capital Management LLC now owns 367,054 shares of the company’s stock worth $31,911,000 after buying an additional 17,943 shares during the last quarter.
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Orbital ATK Inc. has a 52-week low of $56.06 and a 52-week high of $94.92.
