Lockheed Martin Corporation (NYSE:LMT) had its target price hoisted by Buckingham Research from $316.00 to $348.00 in a research note published on Thursday. They currently have a buy rating on the aerospace company’s stock.
LMT has been the subject of a number of other research reports. Zacks Investment Research lowered shares of Lockheed Martin Corporation from a hold rating to a sell rating in a research report on Tuesday, July 11th. Credit Suisse Group reiterated a neutral rating and issued a $300.00 target price (up previously from $280.00) on shares of Lockheed Martin Corporation in a research report on Wednesday, July 19th. Jefferies Group LLC reiterated a hold rating and issued a $265.00 target price on shares of Lockheed Martin Corporation in a research report on Tuesday, August 22nd. Stifel Nicolaus reiterated a buy rating and issued a $320.00 target price (up previously from $300.00) on shares of Lockheed Martin Corporation in a research report on Wednesday, July 19th. Finally, Argus restated a buy rating and set a $320.00 price objective (up previously from $100.00) on shares of Lockheed Martin Corporation in a research report on Wednesday, July 19th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $312.73.
Lockheed Martin Corporation (LMT) traded up 0.60% during mid-day trading on Thursday, reaching $316.46. 857,932 shares of the company were exchanged. The company’s 50 day moving average price is $305.97 and its 200-day moving average price is $286.36. The stock has a market capitalization of $91.14 billion, a P/E ratio of 18.36 and a beta of 0.59. Lockheed Martin Corporation has a 12 month low of $228.50 and a 12 month high of $316.46.
Lockheed Martin Corporation (NYSE:LMT) last announced its earnings results on Tuesday, July 18th. The aerospace company reported $3.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.10 by $0.13. The firm had revenue of $12.69 billion during the quarter, compared to analyst estimates of $12.43 billion. Lockheed Martin Corporation had a net margin of 10.37% and a return on equity of 221.92%. Lockheed Martin Corporation’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.32 EPS. On average, equities analysts expect that Lockheed Martin Corporation will post $12.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.53%. This is a positive change from Lockheed Martin Corporation’s previous quarterly dividend of $1.82. The ex-dividend date is Saturday, September 30th. Lockheed Martin Corporation’s dividend payout ratio is 42.52%.
Lockheed Martin Corporation announced that its board has initiated a share repurchase program on Thursday, September 28th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the aerospace company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Orlando D. Carvalho sold 8,870 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $307.95, for a total value of $2,731,516.50. Following the completion of the sale, the insider now directly owns 27,728 shares of the company’s stock, valued at $8,538,837.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maryanne Lavan sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $290.11, for a total transaction of $2,901,100.00. The disclosure for this sale can be found here. Insiders sold 45,220 shares of company stock valued at $13,293,563 over the last three months. 0.39% of the stock is owned by insiders.
About Lockheed Martin Corporation
Lockheed Martin Corporation is a security and aerospace company. The Company operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.
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