Westchester Capital Management Inc. trimmed its position in Lockheed Martin Co. (NYSE:LMT) by 0.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,304 shares of the aerospace company’s stock after selling 274 shares during the period. Lockheed Martin makes up approximately 4.8% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 5th largest holding. Westchester Capital Management Inc.’s holdings in Lockheed Martin were worth $12,210,000 at the end of the most recent reporting period.
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Several other institutional investors have also recently modified their holdings of LMT. Krane Funds Advisors LLC bought a new stake in Lockheed Martin during the second quarter worth about $26,000. Paragon Capital Management LLC raised its stake in Lockheed Martin by 406.7% in the second quarter. Paragon Capital Management LLC now owns 76 shares of the aerospace company’s stock valued at $28,000 after buying an additional 61 shares during the period. Accurate Investment Solutions Inc. raised its stake in Lockheed Martin by 257.1% in the third quarter. Accurate Investment Solutions Inc. now owns 75 shares of the aerospace company’s stock valued at $29,000 after buying an additional 54 shares during the period. KCS Wealth Advisory bought a new stake in Lockheed Martin in the third quarter valued at approximately $37,000. Finally, MRA Associates USA LLC bought a new stake in Lockheed Martin in the second quarter valued at approximately $38,000. Institutional investors own 78.57% of the company’s stock.
LMT has been the topic of several research analyst reports. Morgan Stanley dropped their price objective on Lockheed Martin from $381.00 to $364.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their target price on Lockheed Martin from $395.00 to $360.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. ValuEngine downgraded Lockheed Martin from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. DZ Bank reaffirmed a “hold” rating on shares of Lockheed Martin in a research report on Thursday, July 25th. Finally, Buckingham Research upped their target price on Lockheed Martin from $405.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. Lockheed Martin currently has a consensus rating of “Buy” and a consensus price target of $371.79.
NYSE LMT traded up $3.11 on Friday, hitting $381.86. 772,430 shares of the company’s stock were exchanged, compared to its average volume of 1,168,903. Lockheed Martin Co. has a 52 week low of $241.18 and a 52 week high of $399.96. The stock has a market cap of $105.39 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 2.44 and a beta of 0.95. The company has a current ratio of 1.28, a quick ratio of 1.05 and a debt-to-equity ratio of 3.21. The stock has a 50-day moving average of $380.57 and a 200-day moving average of $364.83.
Lockheed Martin (NYSE:LMT) last announced its quarterly earnings results on Tuesday, October 22nd. The aerospace company reported $5.66 EPS for the quarter, beating the Zacks’ consensus estimate of $5.02 by $0.64. Lockheed Martin had a return on equity of 221.59% and a net margin of 10.26%. The company had revenue of $15.17 billion during the quarter, compared to analysts’ expectations of $14.87 billion. During the same period in the prior year, the company earned $5.14 EPS. Lockheed Martin’s revenue was up 6.0% compared to the same quarter last year. As a group, analysts predict that Lockheed Martin Co. will post 21.57 earnings per share for the current year.
Lockheed Martin declared that its Board of Directors has approved a share buyback plan on Thursday, September 26th 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 stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 2nd will be paid a $2.40 dividend. This represents a $9.60 dividend on an annualized basis and a dividend yield of 2.51%. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.20. The ex-dividend date is Friday, November 29th. Lockheed Martin’s dividend payout ratio is presently 49.30%.
About Lockheed Martin
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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