Arizona State Retirement System raised its stake in shares of Lockheed Martin Co. (NYSE:LMT) by 0.7% during the 3rd quarter, Holdings Channel reports. The firm owned 61,408 shares of the aerospace company’s stock after purchasing an additional 424 shares during the quarter. Arizona State Retirement System’s holdings in Lockheed Martin were worth $21,245,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the business. Greenleaf Trust grew its holdings in Lockheed Martin by 5.4% during the third quarter. Greenleaf Trust now owns 9,713 shares of the aerospace company’s stock valued at $3,360,000 after purchasing an additional 500 shares during the last quarter. GWM Advisors LLC grew its holdings in Lockheed Martin by 8.3% during the third quarter. GWM Advisors LLC now owns 39,774 shares of the aerospace company’s stock valued at $13,760,000 after purchasing an additional 3,059 shares during the last quarter. Investment Partners LTD. grew its stake in shares of Lockheed Martin by 10.4% in the third quarter. Investment Partners LTD. now owns 1,950 shares of the aerospace company’s stock worth $346,000 after acquiring an additional 183 shares during the last quarter. Alley Co LLC grew its stake in shares of Lockheed Martin by 2.3% in the third quarter. Alley Co LLC now owns 27,113 shares of the aerospace company’s stock worth $9,380,000 after acquiring an additional 607 shares during the last quarter. Finally, American Asset Management Inc. acquired a new stake in shares of Lockheed Martin in the third quarter worth $232,000. Institutional investors own 77.88% of the company’s stock.
Several equities research analysts have recently issued reports on the stock. Credit Suisse Group lowered their price objective on shares of Lockheed Martin from $368.00 to $357.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 24th. Zacks Investment Research upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating and set a $366.00 price objective on the stock in a research note on Wednesday, October 24th. JPMorgan Chase & Co. lowered their price objective on shares of Lockheed Martin from $395.00 to $370.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 24th. Goldman Sachs Group upgraded shares of Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and raised their price objective for the stock from $391.00 to $394.00 in a research note on Wednesday, October 24th. Finally, Morgan Stanley set a $386.00 price objective on shares of Lockheed Martin and gave the stock a “buy” rating in a research note on Thursday, October 11th. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Lockheed Martin presently has a consensus rating of “Buy” and a consensus target price of $376.49.
Lockheed Martin (NYSE:LMT) last issued its earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 EPS for the quarter, topping the consensus estimate of $4.31 by $0.83. The firm had revenue of $14.32 billion during the quarter, compared to analysts’ expectations of $13.10 billion. Lockheed Martin had a return on equity of 2,680.55% and a net margin of 5.78%. Lockheed Martin’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned $3.24 earnings per share. As a group, sell-side analysts predict that Lockheed Martin Co. will post 17.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be given a $2.20 dividend. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Friday, November 30th. Lockheed Martin’s dividend payout ratio (DPR) is 60.02%.
Lockheed Martin declared that its Board of Directors has approved a stock repurchase program on Thursday, September 27th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the aerospace company to purchase up to 1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Lockheed Martin 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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