Quadrant Private Wealth Management LLC raised its stake in shares of Lockheed Martin Co. (NYSE:LMT) by 24.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,124 shares of the aerospace company’s stock after buying an additional 220 shares during the quarter. Quadrant Private Wealth Management LLC’s holdings in Lockheed Martin were worth $389,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC bought a new stake in shares of Lockheed Martin during the 3rd quarter valued at about $104,000. FTB Advisors Inc. boosted its position in shares of Lockheed Martin by 142.6% during the 2nd quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock valued at $105,000 after acquiring an additional 211 shares during the last quarter. Fort L.P. bought a new stake in shares of Lockheed Martin during the 2nd quarter valued at about $116,000. FNY Investment Advisers LLC bought a new stake in shares of Lockheed Martin during the 2nd quarter valued at about $117,000. Finally, Quad Cities Investment Group LLC bought a new stake in shares of Lockheed Martin during the 2nd quarter valued at about $131,000. 78.02% of the stock is owned by institutional investors and hedge funds.
NYSE:LMT opened at $307.29 on Friday. The company has a market capitalization of $87.19 billion, a P/E ratio of 23.05, a PEG ratio of 2.17 and a beta of 0.89. Lockheed Martin Co. has a 1-year low of $283.21 and a 1-year high of $363.00. The company has a quick ratio of 0.91, a current ratio of 1.11 and a debt-to-equity ratio of 13.46.
Lockheed Martin announced that its Board of Directors has authorized a stock buyback plan on Thursday, September 27th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the aerospace company to reacquire up to 1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $8.80 annualized dividend and a yield of 2.86%. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. Lockheed Martin’s payout ratio is presently 60.02%.
LMT has been the subject of a number of research analyst reports. Credit Suisse Group lifted their price target on Lockheed Martin from $355.00 to $340.00 and gave the company a “neutral” rating in a research report on Wednesday, July 25th. Goldman Sachs Group upgraded Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and lifted their price target for the company from $391.00 to $394.00 in a research report on Wednesday, October 24th. Zacks Investment Research downgraded Lockheed Martin from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Morgan Stanley set a $386.00 target price on Lockheed Martin and gave the stock a “buy” rating in a research report on Thursday, October 11th. Finally, Bank of America boosted their target price on Lockheed Martin from $400.00 to $412.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Nine analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Lockheed Martin has a consensus rating of “Buy” and an average target price of $376.49.
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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