Chesley Taft & Associates LLC Trims Holdings in Lockheed Martin Co. (LMT)

Chesley Taft & Associates LLC lessened its position in Lockheed Martin Co. (NYSE:LMT) by 5.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 4,317 shares of the aerospace company’s stock after selling 265 shares during the period. Chesley Taft & Associates LLC’s holdings in Lockheed Martin were worth $1,494,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in LMT. Financial Gravity Wealth Inc. acquired a new stake in Lockheed Martin in the first quarter valued at approximately $359,000. Bayesian Capital Management LP acquired a new stake in Lockheed Martin in the first quarter valued at approximately $507,000. Amundi Pioneer Asset Management Inc. grew its stake in Lockheed Martin by 1.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 161,869 shares of the aerospace company’s stock valued at $54,700,000 after acquiring an additional 1,600 shares during the period. Sciencast Management LP acquired a new stake in Lockheed Martin in the first quarter valued at approximately $772,000. Finally, Verition Fund Management LLC acquired a new stake in Lockheed Martin in the first quarter valued at approximately $1,595,000. 77.84% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:LMT opened at $327.62 on Friday. The company has a market cap of $98.52 billion, a P/E ratio of 24.58, a P/E/G ratio of 2.74 and a beta of 0.71. The company has a debt-to-equity ratio of 28.14, a quick ratio of 0.97 and a current ratio of 1.19. Lockheed Martin Co. has a 12-month low of $291.52 and a 12-month high of $363.00.

Lockheed Martin (NYSE:LMT) last announced its earnings results on Tuesday, July 24th. The aerospace company reported $4.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.92 by $0.39. The company had revenue of $13.40 billion for the quarter, compared to analysts’ expectations of $12.72 billion. Lockheed Martin had a return on equity of 944.31% and a net margin of 5.00%. Lockheed Martin’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.23 earnings per share. As a group, research analysts predict that Lockheed Martin Co. will post 17.21 earnings per share for the current fiscal year.

Lockheed Martin declared that its board has authorized a stock buyback program on Thursday, September 27th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to buy up to 1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $8.80 annualized dividend and a yield of 2.69%. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.00. Lockheed Martin’s payout ratio is currently 60.02%.

In other Lockheed Martin news, Chairman Marillyn A. Hewson sold 25,000 shares of the business’s stock in a transaction on Friday, July 27th. The stock was sold at an average price of $323.68, for a total value of $8,092,000.00. Following the transaction, the chairman now owns 90,625 shares of the company’s stock, valued at $29,333,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Maryanne Lavan sold 7,250 shares of the business’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $323.64, for a total value of $2,346,390.00. Following the completion of the transaction, the senior vice president now directly owns 9,869 shares in the company, valued at approximately $3,194,003.16. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

A number of equities research analysts have commented on the company. Credit Suisse Group raised their price objective on Lockheed Martin from $340.00 to $368.00 and gave the company a “neutral” rating in a research note on Wednesday, October 3rd. Zacks Investment Research cut Lockheed Martin from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Morgan Stanley set a $386.00 target price on Lockheed Martin and gave the company a “buy” rating in a research report on Thursday. Bank of America lifted their target price on Lockheed Martin from $400.00 to $412.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. Finally, Berenberg Bank raised Lockheed Martin from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $377.14.

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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Institutional Ownership by Quarter for Lockheed Martin (NYSE:LMT)

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