Greenleaf Trust lifted its holdings in shares of Lockheed Martin Co. (NYSE:LMT) by 5.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 9,713 shares of the aerospace company’s stock after acquiring an additional 500 shares during the period. Greenleaf Trust’s holdings in Lockheed Martin were worth $3,360,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. boosted its position in Lockheed Martin by 0.7% in the 2nd quarter. BlackRock Inc. now owns 17,248,707 shares of the aerospace company’s stock worth $5,095,787,000 after purchasing an additional 117,082 shares in the last quarter. Morgan Stanley raised its stake in shares of Lockheed Martin by 4.4% during the 2nd quarter. Morgan Stanley now owns 3,481,336 shares of the aerospace company’s stock worth $1,028,490,000 after buying an additional 147,745 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Lockheed Martin by 13.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,552,936 shares of the aerospace company’s stock worth $754,213,000 after buying an additional 292,851 shares during the period. FMR LLC raised its stake in shares of Lockheed Martin by 1.4% during the 2nd quarter. FMR LLC now owns 2,337,478 shares of the aerospace company’s stock worth $690,562,000 after buying an additional 32,879 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Lockheed Martin by 2.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,598,709 shares of the aerospace company’s stock worth $472,307,000 after buying an additional 42,089 shares during the period. Institutional investors and hedge funds own 77.97% of the company’s stock.
In related news, VP Bruce L. Tanner sold 11,203 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $308.49, for a total transaction of $3,456,013.47. Following the completion of the transaction, the vice president now directly owns 79,770 shares in the company, valued at approximately $24,608,247.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.35% of the company’s stock.
Several research analysts have recently weighed in on LMT shares. Cowen raised Lockheed Martin from a “market perform” rating to an “outperform” rating and set a $370.00 target price for the company in a research note on Wednesday, July 25th. Stifel Nicolaus reduced their price objective on Lockheed Martin from $400.00 to $370.00 and set a “buy” rating for the company in a research note on Wednesday, July 25th. Morgan Stanley increased their price objective on Lockheed Martin from $352.00 to $377.00 and gave the company an “overweight” rating in a research note on Wednesday, July 25th. Sanford C. Bernstein increased their price objective on Lockheed Martin from $349.00 to $356.00 and gave the company a “market perform” rating in a research note on Wednesday, July 25th. Finally, Credit Suisse Group increased their price objective on Lockheed Martin from $355.00 to $340.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $375.44.
Shares of NYSE LMT traded up $0.43 during mid-day trading on Thursday, reaching $294.29. 1,355,621 shares of the company’s stock were exchanged, compared to its average volume of 1,632,570. The stock has a market cap of $83.58 billion, a PE ratio of 22.08, a P/E/G ratio of 2.77 and a beta of 0.89. The company has a current ratio of 1.11, a quick ratio of 0.91 and a debt-to-equity ratio of 13.46. Lockheed Martin Co. has a 52-week low of $283.21 and a 52-week high of $363.00.
Lockheed Martin (NYSE:LMT) last released its quarterly earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 earnings per share for the quarter, topping analysts’ consensus estimates of $4.31 by $0.83. The business had revenue of $14.32 billion during the quarter, compared to analysts’ expectations of $13.10 billion. Lockheed Martin had a return on equity of 2,680.55% and a net margin of 5.78%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business posted $3.24 EPS. Research analysts predict that Lockheed Martin Co. will post 17.71 EPS for the current year.
Lockheed Martin declared that its Board of Directors has approved a share repurchase plan on Thursday, September 27th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the aerospace company to repurchase up to 1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 2.99%. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, November 30th. Lockheed Martin’s dividend payout ratio (DPR) is 60.02%.
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Lockheed Martin Company Profile
Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.
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