Lockheed Martin Corporation (LMT) to Buyback $2.00 billion in Shares
Lockheed Martin Corporation (NYSE:LMT) declared that its Board of Directors has initiated a stock repurchase program, which permits the company to repurchase $2.00 billion in outstanding shares on Thursday, September 28th, EventVestor reports. This repurchase authorization permits the aerospace company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Several equities research analysts have recently commented on the stock. Cowen and Company reaffirmed a “hold” rating and set a $295.00 price target on shares of Lockheed Martin Corporation in a research report on Monday, August 14th. Deutsche Bank AG reissued a “buy” rating and issued a $340.00 price objective (up previously from $305.00) on shares of Lockheed Martin Corporation in a report on Monday. Morgan Stanley started coverage on shares of Lockheed Martin Corporation in a report on Tuesday, August 8th. They issued an “overweight” rating and a $342.00 price objective on the stock. Zacks Investment Research upgraded shares of Lockheed Martin Corporation from a “hold” rating to a “buy” rating and set a $325.00 target price for the company in a research report on Thursday, July 27th. Finally, BidaskClub upgraded shares of Lockheed Martin Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Lockheed Martin Corporation has an average rating of “Buy” and a consensus target price of $307.88.
Shares of Lockheed Martin Corporation (NYSE LMT) opened at 312.86 on Wednesday. Lockheed Martin Corporation has a 52 week low of $228.50 and a 52 week high of $314.02. The firm has a 50-day moving average price of $305.09 and a 200-day moving average price of $285.64. The stock has a market cap of $90.10 billion, a price-to-earnings ratio of 18.15 and a beta of 0.60.
Lockheed Martin Corporation (NYSE:LMT) last released its quarterly earnings data on Tuesday, July 18th. The aerospace company reported $3.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.10 by $0.13. The business had revenue of $12.69 billion for the quarter, compared to analyst estimates of $12.43 billion. Lockheed Martin Corporation had a return on equity of 221.92% and a net margin of 10.37%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.32 EPS. On average, equities analysts anticipate that Lockheed Martin Corporation will post $12.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.56%. This is a positive change from Lockheed Martin Corporation’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Saturday, September 30th. Lockheed Martin Corporation’s payout ratio is 42.52%.
In related news, VP Brian P. Colan sold 350 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $107,166.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Orlando D. Carvalho sold 8,870 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $307.95, for a total transaction of $2,731,516.50. Following the sale, the insider now directly owns 27,728 shares in the company, valued at $8,538,837.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,220 shares of company stock valued at $13,293,563. Insiders own 0.39% of the company’s stock.
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Lockheed Martin Corporation Company Profile
Lockheed Martin Corporation is a security and aerospace company. The Company operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.
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