Security National Bank increased its holdings in shares of Lockheed Martin Co. (NYSE:LMT) by 6.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,671 shares of the aerospace company’s stock after purchasing an additional 1,092 shares during the period. Security National Bank’s holdings in Lockheed Martin were worth $6,098,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. Ironwood Wealth Management LLC. raised its position in Lockheed Martin by 9.2% in the 1st quarter. Ironwood Wealth Management LLC. now owns 1,207 shares of the aerospace company’s stock valued at $446,000 after buying an additional 102 shares during the last quarter. Hoylecohen LLC raised its position in Lockheed Martin by 1.1% in the 1st quarter. Hoylecohen LLC now owns 7,793 shares of the aerospace company’s stock valued at $2,880,000 after buying an additional 85 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Lockheed Martin in the 1st quarter valued at approximately $203,000. Amundi Asset Management US Inc. raised its position in Lockheed Martin by 1.4% in the 1st quarter. Amundi Asset Management US Inc. now owns 31,514 shares of the aerospace company’s stock valued at $11,644,000 after buying an additional 428 shares during the last quarter. Finally, TownSquare Capital LLC raised its position in Lockheed Martin by 40.8% in the 1st quarter. TownSquare Capital LLC now owns 2,314 shares of the aerospace company’s stock valued at $855,000 after buying an additional 670 shares during the last quarter. Institutional investors and hedge funds own 74.43% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Wells Fargo & Company dropped their target price on Lockheed Martin from $385.00 to $340.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 27th. Jefferies Financial Group reaffirmed a “neutral” rating on shares of Lockheed Martin in a research report on Friday, September 10th. Morgan Stanley lowered their price target on Lockheed Martin from $458.00 to $430.00 and set an “overweight” rating on the stock in a research report on Thursday, November 4th. UBS Group lowered their price target on Lockheed Martin from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Wednesday, October 27th. Finally, Bank of America lowered Lockheed Martin from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $440.00 to $375.00 in a research report on Monday, November 1st. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $380.40.
Lockheed Martin (NYSE:LMT) last posted its earnings results on Monday, October 25th. The aerospace company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.24. The business had revenue of $16.03 billion for the quarter, compared to analyst estimates of $17.12 billion. Lockheed Martin had a return on equity of 104.60% and a net margin of 9.13%. The firm’s revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.25 EPS. As a group, analysts anticipate that Lockheed Martin Co. will post 28.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 27th. Investors of record on Wednesday, December 1st will be paid a $2.80 dividend. The ex-dividend date of this dividend is Tuesday, November 30th. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.60. This represents a $11.20 annualized dividend and a yield of 3.26%. Lockheed Martin’s payout ratio is 47.99%.
Lockheed Martin announced that its board has initiated a stock buyback plan on Thursday, September 23rd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the aerospace company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Lockheed Martin Company 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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