Cannell Peter B & Co. Inc. lifted its holdings in Lockheed Martin Co. (NYSE:LMT) by 6.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 74,929 shares of the aerospace company’s stock after purchasing an additional 4,216 shares during the quarter. Cannell Peter B & Co. Inc.’s holdings in Lockheed Martin were worth $25,922,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in LMT. Canton Hathaway LLC bought a new position in Lockheed Martin during the third quarter valued at about $104,000. FTB Advisors Inc. boosted its stake in Lockheed Martin by 142.6% during the second quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock valued at $105,000 after buying an additional 211 shares in the last quarter. Fort L.P. bought a new position in Lockheed Martin during the second quarter valued at about $116,000. FNY Investment Advisers LLC bought a new position in Lockheed Martin during the second quarter valued at about $117,000. Finally, Quad Cities Investment Group LLC bought a new position in Lockheed Martin during the second quarter valued at about $131,000. 78.02% of the stock is owned by institutional investors.
Several research analysts recently weighed in on the company. Credit Suisse Group decreased their target price on Lockheed Martin from $368.00 to $357.00 and set a “neutral” rating for the company in a research note on Wednesday, October 24th. Zacks Investment Research raised Lockheed Martin from a “hold” rating to a “buy” rating and set a $366.00 target price for the company in a research note on Wednesday, October 24th. JPMorgan Chase & Co. decreased their target price on Lockheed Martin from $395.00 to $370.00 and set a “neutral” rating for the company in a research note on Wednesday, October 24th. Goldman Sachs Group raised Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and raised their target price for the company from $391.00 to $394.00 in a research note on Wednesday, October 24th. Finally, Morgan Stanley set a $386.00 target price on Lockheed Martin and gave the company a “buy” rating in a research note on Thursday, October 11th. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $376.49.
Lockheed Martin (NYSE:LMT) last announced its earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 EPS for the quarter, beating the consensus estimate of $4.31 by $0.83. Lockheed Martin had a return on equity of 2,680.55% and a net margin of 5.78%. The business had revenue of $14.32 billion during the quarter, compared to the consensus estimate of $13.10 billion. During the same period in the prior year, the business posted $3.24 earnings per share. Lockheed Martin’s revenue was up 16.0% compared to the same quarter last year. On average, research analysts anticipate that Lockheed Martin Co. will post 17.68 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 2.85%. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, November 30th. Lockheed Martin’s dividend payout ratio is currently 60.02%.
Lockheed Martin announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 27th 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.
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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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