Lockheed Martin (NYSE:LMT) Stock Falls 1.1% – Here’s What Happened

Lockheed Martin Corporation (NYSE:LMT)’s share price was down 1.1% during trading on Thursday. The company traded as low as $600.56 and last traded at $603.5270. Approximately 989,909 shares were traded during mid-day trading, a decline of 32% from the average session volume of 1,465,361 shares. The stock had previously closed at $610.05.

Wall Street Analyst Weigh In

LMT has been the topic of several research analyst reports. Guggenheim initiated coverage on shares of Lockheed Martin in a research report on Wednesday, November 4th. They set a “buy” rating and a $735.00 target price on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $615.00 price target on shares of Lockheed Martin in a report on Sunday, October 25th. Wall Street Zen cut shares of Lockheed Martin from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 17th. Barclays boosted their price objective on shares of Lockheed Martin from $554.00 to $560.00 and gave the stock an “equal weight” rating in a report on Friday, October 23rd. Finally, Sanford C. Bernstein lowered their target price on shares of Lockheed Martin from $629.00 to $564.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Lockheed Martin has an average rating of “Moderate Buy” and an average target price of $647.00.

Lockheed Martin Stock Performance

The firm has a fifty day moving average of $550.90 and a 200-day moving average of $569.81. The stock has a market capitalization of $139.42 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.28 and a beta of 0.07. The company has a quick ratio of 1.10, a current ratio of 1.26 and a debt-to-equity ratio of 2.04.

Lockheed Martin (NYSE:LMT) last posted its earnings results on Thursday, October 22nd. The aerospace company reported $7.97 earnings per share for the quarter, beating the consensus estimate of $7.52 by $0.45. Lockheed Martin had a return on equity of 83.41% and a net margin of 8.23%. The company had revenue of $20.71 billion for the quarter, compared to analyst estimates of $20.48 billion. During the same quarter in the prior year, the company earned $6.95 earnings per share. Lockheed Martin’s revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lockheed Martin Corporation will post 30.66 EPS for the current year.

Lockheed Martin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 1st will be paid a $3.60 dividend. This represents a $14.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, December 1st. This is a positive change from Lockheed Martin’s previous quarterly dividend of $3.45. Lockheed Martin’s dividend payout ratio is currently 49.02%.

Hedge Funds Weigh In On Lockheed Martin

Several hedge funds have recently added to or reduced their stakes in the business. Norris Financial Group LLC purchased a new position in shares of Lockheed Martin during the 1st quarter worth $2,321,000. CX Institutional boosted its holdings in shares of Lockheed Martin by 527.4% during the third quarter. CX Institutional now owns 18,415 shares of the aerospace company’s stock worth $9,378,000 after purchasing an additional 15,480 shares during the last quarter. Talon Private Wealth LLC acquired a new stake in shares of Lockheed Martin during the first quarter worth $3,743,000. Meeder Asset Management Inc. purchased a new stake in shares of Lockheed Martin in the second quarter valued at $11,036,000. Finally, OneDigital Investment Advisors LLC purchased a new stake in shares of Lockheed Martin in the second quarter valued at $4,796,000. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Lockheed Martin Company Profile

Lockheed Martin Corporation is a global security and aerospace company headquartered in Bethesda, Maryland. Formed in 1995 through the merger of Lockheed Corporation and Martin Marietta, the company develops and produces advanced defense, aerospace, and technology systems for government and commercial customers. Its principal business areas include Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. Products and services include military aircraft such as the F-35 Lightning II, C-130 Hercules, and F-16 Fighting Falcon; missile-defense and precision-strike systems; helicopters and naval systems; command, control, communications, and intelligence technologies; satellites; space exploration systems; and other classified space and defense programs.