Pendal Group Ltd reduced its stake in Lockheed Martin Co. (NYSE:LMT) by 79.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,194 shares of the aerospace company’s stock after selling 23,583 shares during the quarter. Pendal Group Ltd’s holdings in Lockheed Martin were worth $2,143,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Lockheed Martin by 0.7% in the 2nd quarter. BlackRock Inc. now owns 17,248,707 shares of the aerospace company’s stock valued at $5,095,787,000 after buying an additional 117,082 shares during the period. Morgan Stanley lifted its holdings in shares of Lockheed Martin by 4.4% in the 2nd quarter. Morgan Stanley now owns 3,481,336 shares of the aerospace company’s stock valued at $1,028,490,000 after buying an additional 147,745 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Lockheed Martin by 13.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,552,936 shares of the aerospace company’s stock valued at $754,213,000 after buying an additional 292,851 shares during the period. FMR LLC lifted its holdings in shares of Lockheed Martin by 1.4% in the 2nd quarter. FMR LLC now owns 2,337,478 shares of the aerospace company’s stock valued at $690,562,000 after buying an additional 32,879 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Lockheed Martin by 2.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,598,709 shares of the aerospace company’s stock valued at $472,307,000 after buying an additional 42,089 shares during the period. Institutional investors own 78.02% of the company’s stock.
Several analysts have recently commented on LMT shares. Cowen raised Lockheed Martin from a “market perform” rating to an “outperform” rating and set a $370.00 price target for the company in a report on Wednesday, July 25th. Stifel Nicolaus reduced their price target on Lockheed Martin from $400.00 to $370.00 and set a “buy” rating for the company in a report on Wednesday, July 25th. Morgan Stanley raised their price target on Lockheed Martin from $352.00 to $377.00 and gave the company an “overweight” rating in a report on Wednesday, July 25th. Sanford C. Bernstein raised their price target on Lockheed Martin from $349.00 to $356.00 and gave the company a “market perform” rating in a report on Wednesday, July 25th. Finally, Credit Suisse Group raised their price target on Lockheed Martin from $355.00 to $340.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Nine investment 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 stock. The company presently has a consensus rating of “Buy” and an average price target of $376.49.
In related news, VP Bruce L. Tanner sold 11,203 shares of Lockheed Martin stock in a transaction on 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 of the company’s stock, valued at $24,608,247.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.35% of the company’s stock.
Shares of LMT stock opened at $313.12 on Friday. The firm has a market cap of $88.12 billion, a P/E ratio of 17.43, a PEG ratio of 2.19 and a beta of 0.89. Lockheed Martin Co. has a 1 year low of $283.21 and a 1 year high of $363.00. 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 issued its quarterly earnings data on Tuesday, October 23rd. The aerospace company reported $5.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.31 by $0.83. The firm 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%. Lockheed Martin’s revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted $3.24 earnings per share. As a group, research analysts predict that Lockheed Martin Co. will post 17.68 earnings per share for the current year.
The company also recently disclosed 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. 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. This represents a $8.80 annualized dividend and a yield of 2.81%. Lockheed Martin’s payout ratio is currently 60.02%.
Lockheed Martin declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 27th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the aerospace company to purchase up to 1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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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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