Westchester Capital Management Inc. decreased its holdings in Lockheed Martin Co. (NYSE:LMT) by 0.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,304 shares of the aerospace company’s stock after selling 274 shares during the quarter. Lockheed Martin accounts for approximately 4.8% of Westchester Capital Management Inc.’s holdings, making the stock its 5th largest position. Westchester Capital Management Inc.’s holdings in Lockheed Martin were worth $12,210,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Lockheed Martin by 0.5% during the second quarter. Vanguard Group Inc. now owns 21,642,359 shares of the aerospace company’s stock valued at $7,867,863,000 after buying an additional 111,239 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Lockheed Martin by 1.3% during the second quarter. Northern Trust Corp now owns 3,153,040 shares of the aerospace company’s stock valued at $1,146,256,000 after purchasing an additional 41,269 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Lockheed Martin by 360.8% during the second quarter. Invesco Ltd. now owns 2,615,225 shares of the aerospace company’s stock valued at $950,739,000 after purchasing an additional 2,047,707 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Lockheed Martin by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 1,981,732 shares of the aerospace company’s stock valued at $720,440,000 after purchasing an additional 9,767 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Lockheed Martin by 3.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,940,513 shares of the aerospace company’s stock valued at $705,455,000 after purchasing an additional 72,256 shares during the last quarter. 78.57% of the stock is owned by institutional investors.
Several equities research analysts have recently commented on LMT shares. ValuEngine downgraded Lockheed Martin from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Credit Suisse Group reduced their target price on Lockheed Martin from $401.00 to $385.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Buckingham Research upped their target price on Lockheed Martin from $405.00 to $450.00 and gave the company a “buy” rating in a report on Thursday. They noted that the move was a valuation call. DZ Bank reaffirmed a “hold” rating on shares of Lockheed Martin in a report on Thursday, July 25th. Finally, Morgan Stanley reduced their target price on Lockheed Martin from $381.00 to $364.00 and set an “equal weight” rating for the company in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $371.79.
Lockheed Martin stock traded up $3.11 during mid-day trading on Friday, hitting $381.86. The company’s stock had a trading volume of 772,430 shares, compared to its average volume of 1,168,903. The firm’s 50 day moving average is $380.57 and its 200 day moving average is $364.83. The company has a market cap of $105.39 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 2.44 and a beta of 0.95. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.28 and a quick ratio of 1.05. Lockheed Martin Co. has a 52-week low of $241.18 and a 52-week high of $399.96.
Lockheed Martin (NYSE:LMT) last announced its quarterly earnings data on Tuesday, October 22nd. The aerospace company reported $5.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.02 by $0.64. The firm had revenue of $15.17 billion during the quarter, compared to the consensus estimate of $14.87 billion. Lockheed Martin had a return on equity of 221.59% and a net margin of 10.26%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.14 EPS. As a group, analysts forecast that Lockheed Martin Co. will post 21.57 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 2nd will be paid a $2.40 dividend. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.20. This represents a $9.60 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Friday, November 29th. Lockheed Martin’s dividend payout ratio is currently 49.30%.
Lockheed Martin announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 26th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the aerospace company to purchase up to 1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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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