Lockheed Martin Investment Management Co. Has $3.10 Million Stock Position in The Progressive Corporation $PGR

Lockheed Martin Investment Management Co. reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 57.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,540 shares of the insurance provider’s stock after selling 16,990 shares during the period. Lockheed Martin Investment Management Co.’s holdings in Progressive were worth $3,097,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Progressive by 0.9% in the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after purchasing an additional 493,332 shares during the last quarter. Geode Capital Management LLC boosted its stake in Progressive by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock valued at $4,128,055,000 after purchasing an additional 301,371 shares during the period. Alliancebernstein L.P. boosted its stake in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares during the period. Norges Bank acquired a new stake in Progressive in the 2nd quarter valued at approximately $2,156,939,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Progressive by 1.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,129,069 shares of the insurance provider’s stock valued at $1,101,883,000 after buying an additional 42,909 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several research reports. Raymond James Financial reduced their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Morgan Stanley reissued an “underweight” rating on shares of Progressive in a report on Wednesday, December 17th. Bank of America cut their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $250.00 to $252.00 and gave the company a “market perform” rating in a research note on Tuesday, January 6th. Finally, Citigroup lowered their price target on Progressive from $301.38 to $300.60 and set a “buy” rating on the stock in a research note on Monday, December 15th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $259.39.

Progressive Trading Up 1.9%

PGR stock opened at $206.94 on Friday. The Progressive Corporation has a 1-year low of $198.50 and a 1-year high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $221.60 and its 200-day moving average is $232.61. The firm has a market cap of $121.35 billion, a P/E ratio of 11.35, a P/E/G ratio of 1.24 and a beta of 0.34.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio is currently 2.19%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,788 shares of company stock valued at $3,018,961 in the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.