Acadian Asset Management LLC lessened its position in shares of Lockheed Martin Co. (NYSE:LMT) by 90.7% in the third quarter, HoldingsChannel.com reports. The fund owned 7,272 shares of the aerospace company’s stock after selling 70,994 shares during the quarter. Acadian Asset Management LLC’s holdings in Lockheed Martin were worth $2,516,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Lockheed Martin during the third quarter valued at about $104,000. FTB Advisors Inc. lifted its stake in shares of Lockheed Martin by 142.6% during the second quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock worth $105,000 after purchasing an additional 211 shares in the last quarter. Fort L.P. acquired a new position in shares of Lockheed Martin during the second quarter worth about $116,000. FNY Investment Advisers LLC acquired a new position in shares of Lockheed Martin during the second quarter worth about $117,000. Finally, Quad Cities Investment Group LLC acquired a new position in shares of Lockheed Martin during the second quarter worth about $131,000. 78.02% of the stock is owned by hedge funds and other institutional investors.
NYSE:LMT opened at $313.12 on Friday. The company has a debt-to-equity ratio of 13.46, a quick ratio of 0.91 and a current ratio of 1.11. Lockheed Martin Co. has a one year low of $283.21 and a one year high of $363.00. The stock has a market capitalization of $88.12 billion, a P/E ratio of 23.49, a price-to-earnings-growth ratio of 2.19 and a beta of 0.89.
Lockheed Martin (NYSE:LMT) last released its quarterly earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.31 by $0.83. Lockheed Martin had a return on equity of 2,680.55% and a net margin of 5.78%. The business had revenue of $14.32 billion for the quarter, compared to analysts’ expectations of $13.10 billion. During the same quarter in the previous year, the firm posted $3.24 earnings per share. The company’s revenue was up 16.0% compared to the same quarter last year. As a group, equities research analysts predict that Lockheed Martin Co. will post 17.68 earnings per share for the current year.
Lockheed Martin declared that its board has approved 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 reacquire up to 1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be paid a $2.20 dividend. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, November 30th. This represents a $8.80 annualized dividend and a dividend yield of 2.81%. Lockheed Martin’s payout ratio is 60.02%.
In related news, VP Bruce L. Tanner sold 11,203 shares of the business’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $308.49, for a total value of $3,456,013.47. Following the transaction, the vice president now owns 79,770 shares in the company, valued at $24,608,247.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.35% of the company’s stock.
A number of brokerages have commented on LMT. Morgan Stanley boosted their price objective on Lockheed Martin from $352.00 to $377.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 25th. Stifel Nicolaus reduced their price objective on Lockheed Martin from $400.00 to $370.00 and set a “buy” rating on the stock in a research note on Wednesday, July 25th. Zacks Investment Research cut Lockheed Martin from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Cowen upgraded Lockheed Martin from a “market perform” rating to an “outperform” rating and set a $370.00 price objective on the stock in a research note on Wednesday, July 25th. Finally, Sanford C. Bernstein boosted their price objective on Lockheed Martin from $349.00 to $356.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 25th. Nine equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $376.49.
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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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