Evercore Wealth Management LLC trimmed its position in Lockheed Martin Co. (NYSE:LMT) by 21.3% during the first quarter, HoldingsChannel.com reports. The fund owned 4,763 shares of the aerospace company’s stock after selling 1,289 shares during the quarter. Evercore Wealth Management LLC’s holdings in Lockheed Martin were worth $1,760,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in LMT. Geode Capital Management LLC grew its stake in shares of Lockheed Martin by 1.8% during the first quarter. Geode Capital Management LLC now owns 4,141,309 shares of the aerospace company’s stock worth $1,526,520,000 after buying an additional 73,845 shares during the last quarter. Morgan Stanley grew its stake in shares of Lockheed Martin by 15.8% during the first quarter. Morgan Stanley now owns 4,018,123 shares of the aerospace company’s stock worth $1,484,697,000 after buying an additional 546,951 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Lockheed Martin by 4.9% during the first quarter. Ameriprise Financial Inc. now owns 2,630,721 shares of the aerospace company’s stock worth $972,175,000 after buying an additional 122,509 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lockheed Martin by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 2,598,091 shares of the aerospace company’s stock worth $959,995,000 after purchasing an additional 49,887 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Lockheed Martin by 28.8% in the first quarter. Franklin Resources Inc. now owns 2,555,481 shares of the aerospace company’s stock worth $944,253,000 after purchasing an additional 571,986 shares during the last quarter. 75.56% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO John Frank A. St sold 6,855 shares of the company’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $371.95, for a total value of $2,549,717.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Kenneth R. Possenriede sold 2,787 shares of the company’s stock in a transaction dated Monday, May 24th. The stock was sold at an average price of $387.53, for a total transaction of $1,080,046.11. Following the completion of the sale, the chief financial officer now owns 1 shares in the company, valued at approximately $387.53. The disclosure for this sale can be found here. Insiders sold a total of 13,088 shares of company stock worth $4,930,215 in the last 90 days. 0.18% of the stock is currently owned by company insiders.
Lockheed Martin (NYSE:LMT) last announced its quarterly earnings data on Monday, April 19th. The aerospace company reported $6.56 earnings per share for the quarter, beating the consensus estimate of $6.32 by $0.24. Lockheed Martin had a net margin of 10.53% and a return on equity of 134.40%. The firm had revenue of $16.26 billion for the quarter, compared to analyst estimates of $16.42 billion. During the same quarter in the prior year, the business earned $6.08 earnings per share. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts forecast that Lockheed Martin Co. will post 26.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Stockholders of record on Wednesday, September 1st will be issued a dividend of $2.60 per share. The ex-dividend date of this dividend is Tuesday, August 31st. This represents a $10.40 annualized dividend and a dividend yield of 2.73%. Lockheed Martin’s dividend payout ratio is currently 41.87%.
Several analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Lockheed Martin in a research note on Friday, April 9th. They issued a “peer perform” rating on the stock. Morgan Stanley boosted their target price on shares of Lockheed Martin from $445.00 to $458.00 and gave the company an “overweight” rating in a report on Wednesday, April 21st. Wells Fargo & Company began coverage on shares of Lockheed Martin in a report on Tuesday, May 18th. They issued an “equal weight” rating and a $384.00 target price on the stock. Finally, Cowen restated a “buy” rating and issued a $410.00 target price on shares of Lockheed Martin in a report on Thursday, April 22nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Lockheed Martin has a consensus rating of “Buy” and a consensus target price of $402.57.
Lockheed Martin Profile
Lockheed Martin Corp. operates as a global security and aerospace company, which engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. It operates through the following business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space.
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