Lockheed Martin (NYSE:LMT) Stock Price Down 1.6% – Here’s Why

Lockheed Martin Corporation (NYSE:LMT) dropped 1.6% during trading on Monday . The company traded as low as $575.63 and last traded at $581.6240. Approximately 1,456,380 shares changed hands during trading, a decline of 35% from the average daily volume of 2,255,562 shares. The stock had previously closed at $590.82.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LMT shares. Sanford C. Bernstein reiterated a “market perform” rating and issued a $586.00 price target on shares of Lockheed Martin in a research report on Monday, January 12th. Wall Street Zen downgraded shares of Lockheed Martin from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 13th. Susquehanna reissued a “positive” rating and set a $660.00 price target on shares of Lockheed Martin in a report on Thursday, January 15th. Jefferies Financial Group boosted their price objective on Lockheed Martin from $500.00 to $540.00 and gave the company a “hold” rating in a research report on Monday, January 12th. Finally, Truist Financial set a $605.00 target price on Lockheed Martin and gave the stock a “buy” rating in a research report on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $543.82.

Lockheed Martin Price Performance

The firm has a market cap of $134.59 billion, a P/E ratio of 32.47, a P/E/G ratio of 1.69 and a beta of 0.24. The firm’s fifty day simple moving average is $495.94 and its 200 day simple moving average is $476.13. The company has a debt-to-equity ratio of 3.32, a quick ratio of 0.97 and a current ratio of 1.13.

Institutional Trading of Lockheed Martin

Several hedge funds have recently modified their holdings of the company. Carnegie Investment Counsel boosted its holdings in shares of Lockheed Martin by 11.4% in the third quarter. Carnegie Investment Counsel now owns 29,639 shares of the aerospace company’s stock valued at $14,796,000 after purchasing an additional 3,031 shares during the period. VCI Wealth Management LLC bought a new stake in Lockheed Martin during the 3rd quarter valued at $3,075,000. DAVENPORT & Co LLC raised its position in Lockheed Martin by 22.4% during the 3rd quarter. DAVENPORT & Co LLC now owns 25,423 shares of the aerospace company’s stock valued at $12,688,000 after purchasing an additional 4,652 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Lockheed Martin by 29.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 10,036 shares of the aerospace company’s stock worth $5,010,000 after buying an additional 2,270 shares during the period. Finally, Laffer Tengler Investments Inc. grew its position in shares of Lockheed Martin by 482.6% during the 2nd quarter. Laffer Tengler Investments Inc. now owns 6,979 shares of the aerospace company’s stock worth $3,232,000 after buying an additional 5,781 shares in the last quarter. 74.19% of the stock is owned by hedge funds and other institutional investors.

About Lockheed Martin

Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.

Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.