Amalgamated Bank lessened its stake in Lockheed Martin Co. (NYSE:LMT) by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,038 shares of the aerospace company’s stock after selling 1,114 shares during the quarter. Amalgamated Bank’s holdings in Lockheed Martin were worth $12,814,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new position in Lockheed Martin in the third quarter valued at about $104,000. FTB Advisors Inc. raised its stake in Lockheed Martin by 142.6% in the second quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock valued at $105,000 after purchasing an additional 211 shares in the last quarter. Fort L.P. acquired a new position in Lockheed Martin in the second quarter valued at about $116,000. Quad Cities Investment Group LLC acquired a new position in Lockheed Martin in the second quarter valued at about $131,000. Finally, Whitener Capital Management Inc. acquired a new position in Lockheed Martin during the third quarter worth about $169,000. 77.63% of the stock is owned by institutional investors and hedge funds.
In other news, VP Bruce L. Tanner sold 11,203 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the vice president now owns 79,770 shares of the company’s stock, valued at $24,608,247.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.35% of the company’s stock.
Lockheed Martin stock opened at $286.35 on Friday. Lockheed Martin Co. has a 1 year low of $277.20 and a 1 year high of $363.00. The company has a debt-to-equity ratio of 13.46, a current ratio of 1.11 and a quick ratio of 0.91. The company has a market capitalization of $81.55 billion, a PE ratio of 21.48, a PEG ratio of 2.70 and a beta of 0.88.
Lockheed Martin (NYSE:LMT) last released its quarterly earnings data on Tuesday, October 23rd. The aerospace company reported $5.14 earnings per share (EPS) for the quarter, beating 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 company had revenue of $14.32 billion during the quarter, compared to the consensus estimate of $13.10 billion. During the same quarter in the prior year, the firm posted $3.24 earnings per share. The firm’s revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts predict that Lockheed Martin Co. will post 17.71 EPS for the current fiscal year.
Lockheed Martin declared that its board has initiated a stock buyback plan on Thursday, September 27th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the aerospace company to buy up to 1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $8.80 annualized dividend and a dividend yield of 3.07%. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. Lockheed Martin’s dividend payout ratio is currently 66.02%.
LMT has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their target price on Lockheed Martin from $395.00 to $370.00 and set a “neutral” rating for the company in a research note on Wednesday, October 24th. Goldman Sachs Group raised Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and boosted their target price for the stock from $391.00 to $394.00 in a research note on Wednesday, October 24th. Morgan Stanley set a $386.00 target price on Lockheed Martin and gave the stock a “buy” rating in a research note on Thursday, October 11th. Zacks Investment Research downgraded Lockheed Martin from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Finally, Credit Suisse Group boosted their target price on Lockheed Martin from $340.00 to $368.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 3rd. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $373.13.
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Lockheed Martin Company Profile
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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