Cpwm LLC cut its holdings in shares of Lockheed Martin Co. (NYSE:LMT) by 31.4% in the third quarter, Holdings Channel reports. The institutional investor owned 924 shares of the aerospace company’s stock after selling 422 shares during the quarter. Cpwm LLC’s holdings in Lockheed Martin were worth $320,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC acquired a new position in shares of Lockheed Martin during the third quarter worth approximately $104,000. FTB Advisors Inc. lifted its holdings 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 worth $105,000 after buying an additional 211 shares during the last quarter. Fort L.P. acquired a new position in shares of Lockheed Martin during the second quarter worth approximately $116,000. Quad Cities Investment Group LLC acquired a new position in shares of Lockheed Martin during the second quarter worth approximately $131,000. Finally, Landaas & Co. WI ADV acquired a new position in shares of Lockheed Martin during the second quarter worth approximately $165,000. Institutional investors own 77.63% of the company’s stock.
Shares of NYSE:LMT opened at $286.35 on Friday. Lockheed Martin Co. has a fifty-two week low of $277.20 and a fifty-two week high of $363.00. The firm has a market capitalization of $81.55 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 2.70 and a beta of 0.88. The company has a current ratio of 1.11, a quick ratio of 0.91 and a debt-to-equity ratio of 13.46.
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 given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 3.07%. 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. Lockheed Martin’s dividend payout ratio is 66.02%.
Lockheed Martin declared that its board has approved a share repurchase program on Thursday, September 27th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy up to 1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
LMT has been the topic of a number of research reports. Zacks Investment Research cut Lockheed Martin from a “buy” rating to a “hold” rating in a research report on Friday, October 12th. JPMorgan Chase & Co. lowered their price objective on Lockheed Martin from $395.00 to $370.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 24th. UBS Group initiated coverage on Lockheed Martin in a research report on Wednesday, August 15th. They set a “buy” rating and a $400.00 price objective on the stock. Credit Suisse Group boosted their price objective on Lockheed Martin from $340.00 to $368.00 and gave the company a “neutral” rating in a research report on Wednesday, October 3rd. Finally, Morgan Stanley set a $386.00 price objective on Lockheed Martin and gave the company a “buy” rating in a research report on Thursday, October 11th. Nine 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 stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $373.13.
In other Lockheed Martin news, VP Bruce L. Tanner sold 11,203 shares of the company’s stock in a transaction on 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 sale, the vice president now directly owns 79,770 shares in the company, valued at $24,608,247.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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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