Landsberg Bennett & Dubbaneh LLC reduced its position in shares of Lockheed Martin Co. (NYSE:LMT) by 1.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 11,602 shares of the aerospace company’s stock after selling 189 shares during the quarter. Lockheed Martin makes up 1.2% of Landsberg Bennett & Dubbaneh LLC’s investment portfolio, making the stock its 15th largest holding. Landsberg Bennett & Dubbaneh LLC’s holdings in Lockheed Martin were worth $4,500,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Verity & Verity LLC boosted its holdings in Lockheed Martin by 1.9% in the 3rd quarter. Verity & Verity LLC now owns 29,578 shares of the aerospace company’s stock valued at $11,376,000 after purchasing an additional 553 shares during the period. Clarus Wealth Advisors boosted its holdings in Lockheed Martin by 21.7% in the 3rd quarter. Clarus Wealth Advisors now owns 13,713 shares of the aerospace company’s stock valued at $5,349,000 after purchasing an additional 2,449 shares during the period. Northside Capital Management LLC bought a new stake in Lockheed Martin in the 3rd quarter valued at $245,000. Welch & Forbes LLC boosted its holdings in Lockheed Martin by 5.2% in the 3rd quarter. Welch & Forbes LLC now owns 4,441 shares of the aerospace company’s stock valued at $1,732,000 after purchasing an additional 219 shares during the period. Finally, Gyroscope Capital Management Group LLC boosted its holdings in Lockheed Martin by 13.6% in the 3rd quarter. Gyroscope Capital Management Group LLC now owns 1,257 shares of the aerospace company’s stock valued at $478,000 after purchasing an additional 150 shares during the period. 78.32% of the stock is owned by institutional investors and hedge funds.
LMT has been the subject of a number of research reports. DZ Bank reissued a “hold” rating on shares of Lockheed Martin in a report on Thursday, July 25th. UBS Group increased their price target on shares of Lockheed Martin from $385.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Morgan Stanley increased their price target on shares of Lockheed Martin from $376.00 to $381.00 and gave the company an “equal weight” rating in a report on Thursday. Barclays restated a “hold” rating and issued a $410.00 price objective on shares of Lockheed Martin in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Lockheed Martin from $360.00 to $395.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $372.64.
Lockheed Martin (NYSE:LMT) last announced its quarterly earnings data on Tuesday, July 23rd. The aerospace company reported $5.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.74 by $0.26. Lockheed Martin had a net margin of 10.18% and a return on equity of 297.37%. The company had revenue of $14.42 billion during the quarter, compared to analysts’ expectations of $14.17 billion. During the same quarter in the prior year, the company posted $4.31 EPS. The business’s revenue was up 7.7% on a year-over-year basis. Sell-side analysts anticipate that Lockheed Martin Co. will post 21.22 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 2nd will be paid a $2.40 dividend. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.20. The ex-dividend date is Friday, November 29th. This represents a $9.60 dividend on an annualized basis and a dividend yield of 2.52%. Lockheed Martin’s dividend payout ratio is currently 49.30%.
In related news, Chairman Marillyn A. Hewson sold 19,500 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $369.14, for a total transaction of $7,198,230.00. Following the completion of the sale, the chairman now owns 46,534 shares in the company, valued at approximately $17,177,560.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Maryanne Lavan sold 1,003 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $365.50, for a total transaction of $366,596.50. Following the sale, the senior vice president now owns 1,478 shares of the company’s stock, valued at approximately $540,209. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,503 shares of company stock valued at $8,292,527. Corporate insiders own 0.35% of the company’s stock.
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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