Lockheed Martin (NYSE:LMT) Shares Up 0.4% Following Strong Earnings

Lockheed Martin Co. (NYSE:LMT) shares shot up 0.4% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $513.08 and last traded at $503.05. 619,287 shares changed hands during trading, a decline of 42% from the average session volume of 1,064,865 shares. The stock had previously closed at $501.29.

The aerospace company reported $7.11 EPS for the quarter, beating the consensus estimate of $6.45 by $0.66. Lockheed Martin had a return on equity of 85.96% and a net margin of 9.73%. The company had revenue of $18.12 billion for the quarter, compared to analyst estimates of $17.05 billion. During the same quarter in the prior year, the company earned $6.73 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year.

Lockheed Martin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Tuesday, September 3rd will be issued a $3.15 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $12.60 annualized dividend and a yield of 2.46%. Lockheed Martin’s payout ratio is currently 46.10%.

Analyst Upgrades and Downgrades

LMT has been the topic of several recent research reports. TD Cowen upgraded Lockheed Martin from a “hold” rating to a “buy” rating and increased their price target for the stock from $480.00 to $560.00 in a report on Wednesday. Wells Fargo & Company increased their price target on Lockheed Martin from $483.00 to $525.00 and gave the stock an “equal weight” rating in a report on Wednesday. Citigroup increased their price target on Lockheed Martin from $508.00 to $525.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. The Goldman Sachs Group cut their price target on Lockheed Martin from $380.00 to $377.00 and set a “sell” rating on the stock in a report on Tuesday, April 23rd. Finally, UBS Group increased their price target on Lockheed Martin from $511.00 to $538.00 and gave the stock a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Lockheed Martin currently has an average rating of “Hold” and an average price target of $502.09.

Institutional Trading of Lockheed Martin

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. increased its position in shares of Lockheed Martin by 47.5% during the fourth quarter. Pacer Advisors Inc. now owns 21,742 shares of the aerospace company’s stock valued at $9,854,000 after acquiring an additional 7,000 shares during the last quarter. Simon Quick Advisors LLC purchased a new stake in shares of Lockheed Martin during the fourth quarter valued at approximately $215,000. Meyer Handelman Co. increased its position in shares of Lockheed Martin by 8.2% during the fourth quarter. Meyer Handelman Co. now owns 3,885 shares of the aerospace company’s stock valued at $1,761,000 after acquiring an additional 295 shares during the last quarter. Schechter Investment Advisors LLC increased its position in shares of Lockheed Martin by 3.8% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,787 shares of the aerospace company’s stock valued at $1,716,000 after acquiring an additional 139 shares during the last quarter. Finally, PFG Investments LLC increased its position in shares of Lockheed Martin by 5.2% during the fourth quarter. PFG Investments LLC now owns 2,189 shares of the aerospace company’s stock valued at $992,000 after acquiring an additional 109 shares during the last quarter. 74.19% of the stock is owned by hedge funds and other institutional investors.

Lockheed Martin Stock Up 2.0 %

The company has a quick ratio of 1.11, a current ratio of 1.30 and a debt-to-equity ratio of 2.89. The company has a market capitalization of $122.73 billion, a PE ratio of 18.55, a P/E/G ratio of 4.48 and a beta of 0.46. The stock has a 50-day moving average of $466.26 and a 200 day moving average of $452.54.

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. The company operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space segments.