Aviance Capital Management LLC trimmed its position in shares of Lockheed Martin Co. (NYSE:LMT) by 21.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,548 shares of the aerospace company’s stock after selling 942 shares during the period. Aviance Capital Management LLC’s holdings in Lockheed Martin were worth $1,227,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new position in Lockheed Martin in the third quarter valued at approximately $104,000. FTB Advisors Inc. increased its stake in Lockheed Martin by 142.6% in the second quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock valued at $105,000 after purchasing an additional 211 shares during the last quarter. Fort L.P. purchased a new position in Lockheed Martin in the second quarter valued at approximately $116,000. FNY Investment Advisers LLC purchased a new position in Lockheed Martin in the second quarter valued at approximately $117,000. Finally, Quad Cities Investment Group LLC purchased a new position in Lockheed Martin in the second quarter valued at approximately $131,000. Hedge funds and other institutional investors own 77.88% of the company’s stock.
LMT stock opened at $293.85 on Thursday. The company has a market capitalization of $82.79 billion, a PE ratio of 16.38, a PEG ratio of 2.06 and a beta of 0.71. Lockheed Martin Co. has a twelve month low of $283.21 and a twelve month high of $363.00. The company has a debt-to-equity ratio of 13.46, a current ratio of 1.11 and a quick ratio of 0.91.
Lockheed Martin (NYSE:LMT) last posted its quarterly earnings data on Tuesday, October 23rd. The aerospace company reported $5.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.31 by $0.83. The business had revenue of $14.32 billion during the quarter, compared to the consensus estimate 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 company earned $3.24 earnings per share. On average, sell-side analysts predict that Lockheed Martin Co. will post 17.68 EPS for the current year.
Lockheed Martin announced that its board has authorized a stock buyback plan on Thursday, September 27th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the aerospace company to purchase up to 1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be issued a $2.20 dividend. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Friday, November 30th. Lockheed Martin’s dividend payout ratio is presently 60.02%.
Several brokerages have commented on LMT. Credit Suisse Group increased their price target on shares of Lockheed Martin from $340.00 to $368.00 and gave the company a “neutral” rating in a research note on Wednesday, October 3rd. Zacks Investment Research lowered shares of Lockheed Martin from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Morgan Stanley set a $386.00 price target on shares of Lockheed Martin and gave the company a “buy” rating in a research note on Thursday, October 11th. Bank of America increased their price target on shares of Lockheed Martin from $400.00 to $412.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Berenberg Bank upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $376.49.
Lockheed Martin 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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