Pinnacle Associates Ltd. Boosts Holdings in Lockheed Martin Co. (NYSE:LMT)

Pinnacle Associates Ltd. grew its position in Lockheed Martin Co. (NYSE:LMT) by 2.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,523 shares of the aerospace company’s stock after purchasing an additional 633 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Lockheed Martin were worth $14,257,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Mezzasalma Advisors LLC increased its position in Lockheed Martin by 39.1% during the 2nd quarter. Mezzasalma Advisors LLC now owns 705 shares of the aerospace company’s stock valued at $329,000 after buying an additional 198 shares in the last quarter. Integral Investment Advisors Inc. purchased a new stake in shares of Lockheed Martin during the second quarter worth about $219,000. Hantz Financial Services Inc. acquired a new position in shares of Lockheed Martin during the second quarter valued at about $4,667,000. Moloney Securities Asset Management LLC raised its position in shares of Lockheed Martin by 2.0% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,301 shares of the aerospace company’s stock valued at $2,943,000 after purchasing an additional 122 shares during the last quarter. Finally, Adero Partners LLC acquired a new stake in Lockheed Martin in the 2nd quarter worth approximately $569,000. 74.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

LMT has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Lockheed Martin from $480.00 to $505.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Royal Bank of Canada raised Lockheed Martin from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $500.00 to $600.00 in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft raised Lockheed Martin from a “hold” rating to a “buy” rating and lifted their target price for the stock from $540.00 to $600.00 in a report on Friday, July 26th. Morgan Stanley upped their target price on Lockheed Martin from $503.00 to $599.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Finally, Bank of America reissued a “buy” rating and set a $635.00 price target on shares of Lockheed Martin in a research report on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $541.85.

Insiders Place Their Bets

In other news, insider Timothy S. Cahill sold 3,975 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $515.36, for a total value of $2,048,556.00. Following the sale, the insider now directly owns 8,877 shares in the company, valued at $4,574,850.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by insiders.

Lockheed Martin Trading Up 0.2 %

Shares of NYSE LMT traded up $1.25 during trading on Friday, hitting $568.10. 1,082,809 shares of the company were exchanged, compared to its average volume of 1,071,266. The company has a fifty day moving average price of $514.24 and a 200-day moving average price of $473.51. The company has a debt-to-equity ratio of 3.10, a quick ratio of 1.07 and a current ratio of 1.24. The firm has a market capitalization of $136.31 billion, a PE ratio of 20.79, a P/E/G ratio of 4.40 and a beta of 0.46. Lockheed Martin Co. has a 12-month low of $393.77 and a 12-month high of $569.09.

Lockheed Martin (NYSE:LMT) last posted its earnings results on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.45 by $0.66. The company had revenue of $18.12 billion during the quarter, compared to analysts’ expectations of $17.05 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $6.73 earnings per share. As a group, equities research analysts expect that Lockheed Martin Co. will post 26.71 EPS for the current year.

Lockheed Martin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Tuesday, September 3rd will be given a $3.15 dividend. This represents a $12.60 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, September 3rd. Lockheed Martin’s payout ratio is 46.10%.

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