Lockheed Martin Corp. (LMT) Upgraded by Zacks Investment Research to Hold
According to Zacks, “Recently Lockheed Martin declared a handsome hike of 10.3% in its quarterly dividend. Meanwhile management authorized additional share repurchase of $2 billion, indicating the strong capital structure Lockheed currently bears. Moreover, the company's solid outlook, impressive revenue growth, and potential share buybacks remain major positives. Steady flow of contracts from the Pentagon reveals its inherent strength. Its growing international mix and new positive defense budget revisions will likely act as a major tailwind. However, the recent temporary grounding of 15 F-35A aircrafts of Lockheed Martin might hamper the reputation of this top-rated defense prime. Moreover, the threat of sequestration still lurks over this defense major, as it draws a major portion of its revenues from the defense department. The weak backlog also remains a major concern. “
Several other analysts also recently issued reports on the company. Citigroup Inc. reissued a buy rating and issued a $284.00 price target (up previously from $239.00) on shares of Lockheed Martin Corp. in a research note on Tuesday, September 6th. Vetr downgraded Lockheed Martin Corp. from a buy rating to a hold rating and set a $255.00 price target on the stock. in a research note on Monday, July 4th. Argus reissued a buy rating and issued a $290.00 price target on shares of Lockheed Martin Corp. in a research note on Friday, August 5th. JPMorgan Chase & Co. began coverage on Lockheed Martin Corp. in a research note on Thursday, August 25th. They issued a neutral rating and a $284.00 price target on the stock. Finally, Wells Fargo & Co. raised Lockheed Martin Corp. from a market perform rating to an outperform rating and lifted their target price for the company from $199.01 to $277.50 in a research report on Monday, September 19th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $257.32.
Shares of Lockheed Martin Corp. (NYSE:LMT) traded down 0.02% during mid-day trading on Tuesday, reaching $245.73. The company had a trading volume of 152,054 shares. The firm’s 50-day moving average is $247.40 and its 200 day moving average is $240.84. Lockheed Martin Corp. has a 12 month low of $200.47 and a 12 month high of $266.93. The company has a market capitalization of $74.43 billion, a price-to-earnings ratio of 20.46 and a beta of 0.58.
Lockheed Martin Corp. (NYSE:LMT) last released its quarterly earnings results on Tuesday, July 19th. The company reported $3.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.93 by $0.39. Lockheed Martin Corp. had a return on equity of 119.66% and a net margin of 7.37%. The firm had revenue of $12.90 billion for the quarter, compared to the consensus estimate of $12.56 billion. During the same quarter last year, the business posted $2.94 EPS. On average, equities research analysts predict that Lockheed Martin Corp. will post $11.75 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 1st will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.96%. This is an increase from Lockheed Martin Corp.’s previous quarterly dividend of $1.65. The ex-dividend date of this dividend is Tuesday, November 29th. Lockheed Martin Corp.’s dividend payout ratio is presently 56.51%.
In other Lockheed Martin Corp. news, insider Sondra L. Barbour sold 66,460 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $255.74, for a total transaction of $16,996,480.40. Following the sale, the insider now owns 31,200 shares of the company’s stock, valued at $7,979,088. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Orlando D. Carvalho sold 12,700 shares of the company’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $254.78, for a total transaction of $3,235,706.00. Following the sale, the insider now directly owns 29,120 shares in the company, valued at approximately $7,419,193.60. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its stake in shares of Lockheed Martin Corp. by 24.5% in the second quarter. Ameriprise Financial Inc. now owns 4,281,109 shares of the company’s stock worth $1,063,128,000 after buying an additional 843,822 shares during the period. Wellington Management Group LLP boosted its stake in shares of Lockheed Martin Corp. by 5.9% in the first quarter. Wellington Management Group LLP now owns 10,282,849 shares of the company’s stock worth $2,277,650,000 after buying an additional 571,953 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Lockheed Martin Corp. during the second quarter worth approximately $125,819,000. Bank of Montreal Can purchased a new stake in shares of Lockheed Martin Corp. during the second quarter worth approximately $106,461,000. Finally, Capital World Investors boosted its stake in shares of Lockheed Martin Corp. by 1.4% in the second quarter. Capital World Investors now owns 26,593,437 shares of the company’s stock worth $6,599,693,000 after buying an additional 365,700 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.
About Lockheed Martin Corp.
Lockheed Martin Corporation is a global security and aerospace company. The Company is engaged in the research, design, integration and sustainment of advanced technology systems, products and services. It operates in five segments: Aeronautics; Information Systems & Global Solutions (IS&GS); Missiles and Fire Control (MFC); Mission Systems and Training (MST), and Space Systems.
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