Connors Investor Services Inc. increased its holdings in shares of Lockheed Martin Co. (NYSE:LMT) by 18.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,282 shares of the aerospace company’s stock after buying an additional 3,629 shares during the quarter. Connors Investor Services Inc.’s holdings in Lockheed Martin were worth $8,055,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Polaris Greystone Financial Group LLC lifted its position in shares of Lockheed Martin by 22.6% during the 3rd quarter. Polaris Greystone Financial Group LLC now owns 867 shares of the aerospace company’s stock worth $300,000 after buying an additional 160 shares during the last quarter. Summit Financial Strategies Inc. lifted its position in shares of Lockheed Martin by 19.4% during the 2nd quarter. Summit Financial Strategies Inc. now owns 1,046 shares of the aerospace company’s stock worth $309,000 after buying an additional 170 shares during the last quarter. Arthur M. Cohen & Associates LLC lifted its position in shares of Lockheed Martin by 4.5% during the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 3,977 shares of the aerospace company’s stock worth $1,376,000 after buying an additional 171 shares during the last quarter. LVW Advisors LLC lifted its position in shares of Lockheed Martin by 12.2% during the 3rd quarter. LVW Advisors LLC now owns 1,597 shares of the aerospace company’s stock worth $552,000 after buying an additional 174 shares during the last quarter. Finally, West Branch Capital LLC lifted its position in shares of Lockheed Martin by 2.1% during the 3rd quarter. West Branch Capital LLC now owns 8,801 shares of the aerospace company’s stock worth $3,045,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds own 77.63% of the company’s stock.
Several brokerages recently weighed in on LMT. UBS Group began coverage on Lockheed Martin in a research report on Wednesday, August 15th. They set a “buy” rating and a $400.00 price objective for the company. Credit Suisse Group increased their target price on Lockheed Martin from $340.00 to $368.00 and gave the company a “neutral” rating in a research report on Wednesday, October 3rd. Zacks Investment Research upgraded Lockheed Martin from a “hold” rating to a “buy” rating and set a $377.00 target price for the company in a research report on Thursday, October 11th. Goldman Sachs Group upgraded Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and increased their target price for the company from $391.00 to $394.00 in a research report on Wednesday, October 24th. Finally, Morgan Stanley dropped their target price on Lockheed Martin from $386.00 to $366.00 and set an “overweight” rating for the company in a research report on Wednesday, November 14th. Nine equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Lockheed Martin currently has a consensus rating of “Buy” and a consensus price target of $375.44.
Lockheed Martin (NYSE:LMT) last posted 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. The firm had revenue of $14.32 billion during the quarter, compared to the consensus estimate of $13.10 billion. Lockheed Martin had a return on equity of 2,680.55% and a net margin of 5.78%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the company earned $3.24 earnings per share. On average, research analysts anticipate that Lockheed Martin Co. will post 17.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be paid a $2.20 dividend. This is a boost 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 dividend yield of 2.97%. Lockheed Martin’s dividend payout ratio is presently 66.02%.
Lockheed Martin announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 27th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the aerospace company to buy up to 1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, 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 value of $3,456,013.47. Following the completion of the sale, the vice president now owns 79,770 shares of the company’s stock, valued at $24,608,247.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.35% of the company’s stock.
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Lockheed Martin Company 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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