Bernardo Wealth Planning LLC cut its holdings in shares of Lockheed Martin Co. (NYSE:LMT) by 8.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,370 shares of the aerospace company’s stock after selling 126 shares during the period. Bernardo Wealth Planning LLC’s holdings in Lockheed Martin were worth $534,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chesley Taft & Associates LLC boosted its stake in Lockheed Martin by 0.6% in the third quarter. Chesley Taft & Associates LLC now owns 4,496 shares of the aerospace company’s stock valued at $1,754,000 after acquiring an additional 26 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of Lockheed Martin by 0.5% during the second quarter. Private Trust Co. NA now owns 5,385 shares of the aerospace company’s stock worth $1,957,000 after buying an additional 28 shares during the period. Washington Trust Bank lifted its stake in shares of Lockheed Martin by 2.0% during the third quarter. Washington Trust Bank now owns 1,459 shares of the aerospace company’s stock worth $569,000 after buying an additional 28 shares during the period. Nvwm LLC lifted its stake in shares of Lockheed Martin by 1.4% during the third quarter. Nvwm LLC now owns 2,096 shares of the aerospace company’s stock worth $818,000 after buying an additional 28 shares during the period. Finally, Independence Bank of Kentucky lifted its stake in shares of Lockheed Martin by 12.0% during the second quarter. Independence Bank of Kentucky now owns 280 shares of the aerospace company’s stock worth $102,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 78.57% of the company’s stock.
Shares of Lockheed Martin stock opened at $379.79 on Thursday. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.28 and a quick ratio of 1.05. The firm has a fifty day moving average price of $381.16 and a 200 day moving average price of $364.17. Lockheed Martin Co. has a 1 year low of $241.18 and a 1 year high of $399.96. The stock has a market cap of $106.95 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 2.47 and a beta of 0.95.
Lockheed Martin (NYSE:LMT) last issued its earnings results on Tuesday, October 22nd. The aerospace company reported $5.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.02 by $0.64. Lockheed Martin had a net margin of 10.26% and a return on equity of 221.59%. The firm had revenue of $15.17 billion during the quarter, compared to analysts’ expectations of $14.87 billion. During the same quarter last year, the company posted $5.14 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. As a group, equities analysts expect that Lockheed Martin Co. will post 21.57 EPS for the current year.
Lockheed Martin declared that its Board of Directors has initiated a stock buyback program on Thursday, September 26th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the aerospace company to reacquire up to 1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 2nd will be issued a dividend of $2.40 per share. This represents a $9.60 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Friday, November 29th. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.20. Lockheed Martin’s dividend payout ratio (DPR) is 49.30%.
In other Lockheed Martin news, Director James D. Taiclet, Jr. bought 1,354 shares of Lockheed Martin stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $376.32 per share, with a total value of $509,537.28. Following the completion of the acquisition, the director now directly owns 1,354 shares in the company, valued at approximately $509,537.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.35% of the company’s stock.
Several equities research analysts have recently commented on the stock. DZ Bank reiterated a “hold” rating on shares of Lockheed Martin in a research note on Thursday, July 25th. Barclays reiterated a “hold” rating and set a $410.00 price objective on shares of Lockheed Martin in a research note on Wednesday, October 9th. ValuEngine downgraded shares of Lockheed Martin from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. JPMorgan Chase & Co. lowered their price objective on shares of Lockheed Martin from $395.00 to $360.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Finally, Morgan Stanley lowered their price objective on shares of Lockheed Martin from $381.00 to $364.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $365.77.
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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