Bruce L. Tanner Sells 11,203 Shares of Lockheed Martin Co. (LMT) Stock

Lockheed Martin Co. (NYSE:LMT) VP Bruce L. Tanner sold 11,203 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $308.49, for a total transaction of $3,456,013.47. Following the completion of the sale, the vice president now directly owns 79,770 shares in the company, valued at $24,608,247.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

LMT stock traded up $4.56 during mid-day trading on Friday, reaching $313.12. The company had a trading volume of 1,294,279 shares, compared to its average volume of 1,453,323. The company has a debt-to-equity ratio of 13.46, a current ratio of 1.11 and a quick ratio of 0.91. The company has a market capitalization of $87.19 billion, a P/E ratio of 23.49, a P/E/G ratio of 2.17 and a beta of 0.89. Lockheed Martin Co. has a 12 month low of $283.21 and a 12 month high of $363.00.

Lockheed Martin (NYSE:LMT) last issued its earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 EPS for the quarter, topping the Zacks’ consensus estimate of $4.31 by $0.83. The business had revenue of $14.32 billion for the quarter, compared to the consensus estimate of $13.10 billion. Lockheed Martin had a net margin of 5.78% and a return on equity of 2,680.55%. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.24 EPS. On average, research analysts expect that Lockheed Martin Co. will post 17.68 EPS for the current fiscal year.

Lockheed Martin declared that its board has initiated a share buyback plan on Thursday, September 27th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the aerospace company to purchase up to 1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, November 30th. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 2.81%. Lockheed Martin’s dividend payout ratio (DPR) is currently 60.02%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canton Hathaway LLC bought a new position in shares of Lockheed Martin during the third quarter valued at approximately $104,000. FTB Advisors Inc. boosted its stake in shares of 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 purchasing an additional 211 shares in the last quarter. Fort L.P. bought a new position in shares of Lockheed Martin during the second quarter valued at approximately $116,000. FNY Investment Advisers LLC bought a new position in shares of Lockheed Martin during the second quarter valued at approximately $117,000. Finally, Quad Cities Investment Group LLC bought a new position in shares of Lockheed Martin during the second quarter valued at approximately $131,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

LMT has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price objective on shares of Lockheed Martin from $370.00 to $352.00 and set an “overweight” rating on the stock in a research report on Thursday, July 12th. Cowen raised shares of Lockheed Martin from a “market perform” rating to an “outperform” rating and set a $370.00 price objective on the stock in a research report on Wednesday, July 25th. Stifel Nicolaus reduced their price objective on shares of Lockheed Martin from $400.00 to $370.00 and set a “buy” rating on the stock in a research report on Wednesday, July 25th. Sanford C. Bernstein increased their price objective on shares of Lockheed Martin from $349.00 to $356.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 25th. Finally, Credit Suisse Group upped their target price on shares of Lockheed Martin from $355.00 to $340.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 25th. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $376.49.

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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.

Further Reading: Hedge Funds Explained

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