CIBC World Markets Inc. grew its holdings in Lockheed Martin Co. (NYSE:LMT) by 29.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,671 shares of the aerospace company’s stock after purchasing an additional 20,057 shares during the period. CIBC World Markets Inc.’s holdings in Lockheed Martin were worth $30,677,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Lockheed Martin by 182.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,204 shares of the aerospace company’s stock valued at $9,065,000 after purchasing an additional 16,918 shares during the last quarter. Welch Group LLC lifted its stake in shares of Lockheed Martin by 3.0% in the 3rd quarter. Welch Group LLC now owns 81,044 shares of the aerospace company’s stock valued at $28,038,000 after purchasing an additional 2,356 shares during the last quarter. Mendel Money Management acquired a new position in shares of Lockheed Martin in the 3rd quarter valued at $579,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Lockheed Martin by 3.6% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 59,408 shares of the aerospace company’s stock valued at $20,565,000 after purchasing an additional 2,049 shares during the last quarter. Finally, K.J. Harrison & Partners Inc lifted its stake in shares of Lockheed Martin by 220.9% in the 3rd quarter. K.J. Harrison & Partners Inc now owns 7,250 shares of the aerospace company’s stock valued at $2,508,000 after purchasing an additional 4,991 shares during the last quarter. 77.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE LMT opened at $294.29 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.91 and a debt-to-equity ratio of 13.46. Lockheed Martin Co. has a 1-year low of $283.21 and a 1-year high of $363.00. The stock has a market cap of $83.70 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 2.77 and a beta of 0.89.
Lockheed Martin announced that its Board of Directors has authorized a stock buyback program on Thursday, September 27th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to buy up to 1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be issued a dividend of $2.20 per share. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, November 30th. This represents a $8.80 annualized dividend and a yield of 2.99%. Lockheed Martin’s dividend payout ratio is 60.02%.
In other Lockheed Martin news, VP Bruce L. Tanner sold 11,203 shares of the company’s 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 sale, the vice president now owns 79,770 shares in the company, valued at approximately $24,608,247.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.35% of the stock is owned by corporate insiders.
Several equities analysts have recently commented on the company. Credit Suisse Group upped their price target on Lockheed Martin from $340.00 to $368.00 and gave the company a “neutral” rating in a research note on Wednesday, October 3rd. Zacks Investment Research lowered Lockheed Martin from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Morgan Stanley set a $386.00 price target on Lockheed Martin and gave the company a “buy” rating in a research note on Thursday, October 11th. Berenberg Bank raised Lockheed Martin from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Finally, Goldman Sachs Group upgraded Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and boosted their price objective for the company from $391.00 to $394.00 in a report on Wednesday, October 24th. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $375.44.
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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.
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