First Trust Advisors LP lessened its stake in Lockheed Martin Co. (NYSE:LMT) by 28.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 145,565 shares of the aerospace company’s stock after selling 58,916 shares during the quarter. First Trust Advisors LP owned approximately 0.05% of Lockheed Martin worth $50,360,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in LMT. Charles Schwab Investment Advisory Inc. bought a new position in Lockheed Martin during the 2nd quarter worth $240,085,000. American Century Companies Inc. increased its position in shares of Lockheed Martin by 121.4% in the second quarter. American Century Companies Inc. now owns 1,275,669 shares of the aerospace company’s stock worth $376,871,000 after purchasing an additional 699,579 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Lockheed Martin by 13.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,552,936 shares of the aerospace company’s stock worth $754,213,000 after purchasing an additional 292,851 shares during the period. Mainstay Capital Management LLC ADV increased its position in shares of Lockheed Martin by 25,999.4% in the second quarter. Mainstay Capital Management LLC ADV now owns 223,150 shares of the aerospace company’s stock worth $785,000 after purchasing an additional 222,295 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Lockheed Martin by 19.2% in the second quarter. Janus Henderson Group PLC now owns 1,220,060 shares of the aerospace company’s stock worth $360,453,000 after purchasing an additional 196,432 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.
Shares of Lockheed Martin stock opened at $306.63 on Tuesday. Lockheed Martin Co. has a 12-month low of $283.21 and a 12-month high of $363.00. The firm has a market cap of $85.12 billion, a P/E ratio of 23.00, a P/E/G ratio of 2.12 and a beta of 0.89. The company has a quick ratio of 0.91, a current ratio of 1.11 and a debt-to-equity ratio of 13.46.
Lockheed Martin (NYSE:LMT) last announced its quarterly earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.31 by $0.83. Lockheed Martin had a return on equity of 2,680.55% and a net margin of 5.78%. The business had revenue of $14.32 billion during the quarter, compared to the consensus estimate of $13.10 billion. During the same quarter in the prior year, the company posted $3.24 earnings per share. Lockheed Martin’s revenue was up 16.0% compared to the same quarter last year. On average, equities analysts anticipate that Lockheed Martin Co. will post 17.68 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 outstanding shares. This buyback authorization permits the aerospace company to reacquire up to 1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, November 30th. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.00. Lockheed Martin’s dividend payout ratio is currently 60.02%.
Several analysts recently weighed in on LMT shares. Berenberg Bank raised Lockheed Martin from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Bank of America raised their price objective on Lockheed Martin from $400.00 to $412.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Stifel Nicolaus cut their price target on Lockheed Martin from $400.00 to $370.00 and set a “buy” rating on the stock in a research note on Wednesday, July 25th. Zacks Investment Research raised Lockheed Martin from a “hold” rating to a “buy” rating and set a $343.00 price target on the stock in a research note on Wednesday, July 11th. Finally, UBS Group began coverage on Lockheed Martin in a research note on Wednesday, August 15th. They issued a “buy” rating and a $400.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $376.49.
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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