Lockheed Martin Corp. (LMT) Downgraded by Zacks Investment Research
Lockheed Martin Corp. (NYSE:LMT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “The recent temporay grounding of 15 F-35A aircrafts of Lockheed Martin might have hampered the reputaton of this top-rated defense prime ; as is evident from the 1.8% fall witnessedin currrent quarter estimates provided by analysts for the company, in trailing 30 days. Moreover, the threat of sequestration still lurks over this defense major, as it draws a major portion of its revenues from the defense department. The weak backlog also remains a major concern. On a bright note, company's solid outlook, impressive revenue growth, and potential share buybacks are positives. Steady flow of contracts from the Pentagon reveals its inherent strength. Its growing international mix and new positive defense budget revisions will likely act as a major tailwind.”
LMT has been the subject of several other reports. Argus increased their price target on shares of Lockheed Martin Corp. from $255.00 to $290.00 and gave the stock a “buy” rating in a research note on Wednesday, July 20th. Citigroup Inc. reiterated a “buy” rating and issued a $284.00 price target (up from $239.00) on shares of Lockheed Martin Corp. in a research note on Tuesday, September 6th. Berenberg Bank lowered shares of Lockheed Martin Corp. from a “buy” rating to a “hold” rating and increased their price target for the stock from $250.00 to $260.00 in a research note on Tuesday, May 31st. Jefferies Group reiterated a “hold” rating on shares of Lockheed Martin Corp. in a research note on Wednesday, August 3rd. Finally, Royal Bank Of Canada upgraded shares of Lockheed Martin Corp. from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $220.00 to $250.00 in a research note on Wednesday, June 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $257.32.
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Shares of Lockheed Martin Corp. (NYSE:LMT) traded up 0.42% during mid-day trading on Wednesday, reaching $241.48. 365,763 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $249.24 and its 200-day moving average price is $239.78. The stock has a market cap of $73.15 billion, a price-to-earnings ratio of 20.11 and a beta of 0.58. Lockheed Martin Corp. has a 12-month low of $199.01 and a 12-month high of $266.93.
Lockheed Martin Corp. (NYSE:LMT) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $3.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.93 by $0.39. The company earned $12.90 billion during the quarter, compared to analyst estimates of $12.56 billion. Lockheed Martin Corp. had a net margin of 7.37% and a return on equity of 119.66%. During the same period last year, the business earned $2.94 EPS. Equities research analysts forecast that Lockheed Martin Corp. will post $11.74 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Thursday, September 1st will be paid a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Tuesday, August 30th. Lockheed Martin Corp.’s payout ratio is 56.51%.
In other Lockheed Martin Corp. news, insider Sondra L. Barbour sold 66,460 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $255.74, for a total transaction of $16,996,480.40. Following the sale, the insider now owns 31,200 shares in the company, valued at approximately $7,979,088. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Orlando D. Carvalho sold 12,700 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $254.78, for a total transaction of $3,235,706.00. Following the sale, the insider now owns 29,120 shares in the company, valued at approximately $7,419,193.60. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Americafirst Capital Management LLC purchased a new stake in Lockheed Martin Corp. during the second quarter worth approximately $103,000. Arrow Financial Corp boosted its stake in Lockheed Martin Corp. by 3.5% in the second quarter. Arrow Financial Corp now owns 439 shares of the company’s stock valued at $109,000 after buying an additional 15 shares during the last quarter. Signaturefd LLC boosted its stake in Lockheed Martin Corp. by 14.9% in the second quarter. Signaturefd LLC now owns 546 shares of the company’s stock valued at $135,000 after buying an additional 71 shares during the last quarter. First Personal Financial Services boosted its stake in Lockheed Martin Corp. by 163.1% in the second quarter. First Personal Financial Services now owns 542 shares of the company’s stock valued at $135,000 after buying an additional 336 shares during the last quarter. Finally, Reilly Financial Advisors LLC boosted its stake in Lockheed Martin Corp. by 13.1% in the second quarter. Reilly Financial Advisors LLC now owns 588 shares of the company’s stock valued at $146,000 after buying an additional 68 shares during the last quarter. Institutional investors own 81.20% of the company’s stock.
About Lockheed Martin Corp.
Lockheed Martin Corporation is a global security and aerospace company. The Company is engaged in the research, design, integration and sustainment of advanced technology systems, products and services. It operates in five segments: Aeronautics; Information Systems & Global Solutions (IS&GS); Missiles and Fire Control (MFC); Mission Systems and Training (MST), and Space Systems.
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