Palladium Partners LLC raised its position in Lockheed Martin Co. (NYSE:LMT) by 348.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,608 shares of the aerospace company’s stock after acquiring an additional 21,450 shares during the quarter. Palladium Partners LLC’s holdings in Lockheed Martin were worth $9,551,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new stake in Lockheed Martin in the third quarter valued at $104,000. FTB Advisors Inc. lifted 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 acquiring an additional 211 shares during the last quarter. Fort L.P. acquired a new stake in Lockheed Martin in the second quarter valued at $116,000. FNY Investment Advisers LLC acquired a new stake in Lockheed Martin in the second quarter valued at $117,000. Finally, Quad Cities Investment Group LLC acquired a new stake in Lockheed Martin in the second quarter valued at $131,000. Hedge funds and other institutional investors own 77.88% of the company’s stock.
LMT has been the subject of a number of recent analyst reports. Credit Suisse Group increased their price target on shares of Lockheed Martin from $355.00 to $340.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Goldman Sachs Group upgraded shares of Lockheed Martin from a “neutral” rating to a “conviction-buy” rating and increased their price target for the company from $391.00 to $394.00 in a research note on Wednesday, October 24th. Zacks Investment Research cut shares of Lockheed Martin from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Morgan Stanley set a $386.00 price target on shares of Lockheed Martin and gave the company a “buy” rating in a research note on Thursday, October 11th. Finally, Bank of America raised their target price on shares of Lockheed Martin from $400.00 to $412.00 and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Nine equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $376.49.
Lockheed Martin (NYSE:LMT) last released its earnings results on Tuesday, October 23rd. The aerospace company reported $5.14 EPS for the quarter, beating the consensus estimate of $4.31 by $0.83. Lockheed Martin had a net margin of 5.78% and a return on equity of 2,680.55%. The firm had revenue of $14.32 billion for the quarter, compared to analyst estimates of $13.10 billion. During the same period last year, the firm earned $3.24 EPS. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. Equities research analysts forecast 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. Shareholders of record on Monday, December 3rd will be issued a $2.20 dividend. This is a positive change 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 is Friday, November 30th. Lockheed Martin’s dividend payout ratio (DPR) is currently 60.02%.
Lockheed Martin announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 27th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to repurchase up to 1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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