Eqis Capital Management Inc. decreased its holdings in shares of Lockheed Martin Co. (NYSE:LMT) by 18.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,403 shares of the aerospace company’s stock after selling 1,020 shares during the period. Eqis Capital Management Inc.’s holdings in Lockheed Martin were worth $1,666,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Strategic Blueprint LLC increased its position in Lockheed Martin by 29.1% during the 2nd quarter. Strategic Blueprint LLC now owns 2,181 shares of the aerospace company’s stock worth $825,000 after purchasing an additional 491 shares during the period. Korea Investment CORP increased its position in Lockheed Martin by 4.4% during the 2nd quarter. Korea Investment CORP now owns 89,382 shares of the aerospace company’s stock worth $33,818,000 after purchasing an additional 3,800 shares during the period. Hi Line Capital Management LLC boosted its stake in shares of Lockheed Martin by 0.9% during the 2nd quarter. Hi Line Capital Management LLC now owns 31,955 shares of the aerospace company’s stock worth $12,090,000 after acquiring an additional 295 shares in the last quarter. NewEdge Wealth LLC boosted its stake in shares of Lockheed Martin by 10.5% during the 2nd quarter. NewEdge Wealth LLC now owns 15,529 shares of the aerospace company’s stock worth $5,875,000 after acquiring an additional 1,479 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Lockheed Martin by 6.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 202,864 shares of the aerospace company’s stock worth $76,753,000 after acquiring an additional 11,873 shares in the last quarter. Institutional investors own 74.51% of the company’s stock.
Several brokerages have recently commented on LMT. Wells Fargo & Company boosted their price target on Lockheed Martin from $384.00 to $385.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 27th. Credit Suisse Group reissued a “neutral” rating and set a $370.20 price target (down previously from $394.00) on shares of Lockheed Martin in a research note on Tuesday, July 27th. The Goldman Sachs Group lowered Lockheed Martin from a “buy” rating to a “neutral” rating and set a $402.00 price target on the stock. in a research note on Thursday. Finally, Jefferies Financial Group reissued a “neutral” rating on shares of Lockheed Martin in a research note on Friday, September 10th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $401.03.
Lockheed Martin (NYSE:LMT) last issued its quarterly earnings results on Sunday, July 25th. The aerospace company reported $6.52 earnings per share for the quarter, missing analysts’ consensus estimates of $6.53 by ($0.01). Lockheed Martin had a return on equity of 123.35% and a net margin of 10.69%. The business had revenue of $17.03 billion for the quarter, compared to analysts’ expectations of $16.93 billion. During the same period in the prior year, the company earned $5.79 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, research analysts predict that Lockheed Martin Co. will post 23.45 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 27th. Shareholders of record on Wednesday, December 1st will be paid a dividend of $2.80 per share. This represents a $11.20 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from Lockheed Martin’s previous quarterly dividend of $2.60. Lockheed Martin’s dividend payout ratio is currently 41.87%.
Lockheed Martin announced that its board has approved a share repurchase program on Thursday, September 23rd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the aerospace company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership 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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