Industrial Alliance Investment Management Inc. lowered its position in Lockheed Martin Co. (NYSE:LMT – Get Rating) by 43.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,358 shares of the aerospace company’s stock after selling 16,722 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Lockheed Martin were worth $8,250,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. IMA Wealth Inc. grew its stake in Lockheed Martin by 41.8% in the 2nd quarter. IMA Wealth Inc. now owns 78 shares of the aerospace company’s stock valued at $34,000 after acquiring an additional 23 shares during the period. Optiver Holding B.V. acquired a new stake in shares of Lockheed Martin in the third quarter valued at about $36,000. Heritage Wealth Management LLC purchased a new stake in shares of Lockheed Martin during the second quarter worth about $42,000. Cowa LLC acquired a new position in shares of Lockheed Martin during the 3rd quarter worth about $39,000. Finally, Insight Inv LLC purchased a new position in Lockheed Martin in the 2nd quarter valued at about $47,000. 75.18% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have commented on the company. StockNews.com assumed coverage on Lockheed Martin in a report on Thursday. They set a “buy” rating for the company. Credit Suisse Group raised Lockheed Martin from an “underperform” rating to an “outperform” rating and increased their price objective for the company from $427.00 to $510.00 in a research note on Monday, February 6th. The Goldman Sachs Group lowered shares of Lockheed Martin from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $388.00 to $332.00 in a report on Friday, January 13th. Wells Fargo & Company raised their price target on shares of Lockheed Martin from $417.00 to $422.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 25th. Finally, DZ Bank raised shares of Lockheed Martin from a “hold” rating to a “buy” rating and set a $523.00 price objective for the company in a research note on Monday, January 30th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Lockheed Martin presently has an average rating of “Hold” and an average price target of $490.43.
Lockheed Martin Stock Performance
Lockheed Martin (NYSE:LMT – Get Rating) last announced its earnings results on Tuesday, January 24th. The aerospace company reported $7.79 earnings per share for the quarter, topping the consensus estimate of $7.41 by $0.38. The company had revenue of $18.99 billion during the quarter, compared to analyst estimates of $18.25 billion. Lockheed Martin had a net margin of 8.69% and a return on equity of 68.01%. Lockheed Martin’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $7.47 earnings per share. Equities analysts forecast that Lockheed Martin Co. will post 26.86 earnings per share for the current year.
Lockheed Martin Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Wednesday, March 1st will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Tuesday, February 28th. Lockheed Martin’s payout ratio is 55.27%.
Insiders Place Their Bets
In other news, EVP Timothy S. Cahill sold 2,534 shares of Lockheed Martin stock in a transaction on Monday, March 6th. The stock was sold at an average price of $479.44, for a total value of $1,214,900.96. Following the completion of the sale, the executive vice president now directly owns 10,460 shares of the company’s stock, valued at $5,014,942.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Lockheed Martin news, Director John Donovan acquired 556 shares of the stock in a transaction dated Wednesday, January 25th. The stock was acquired at an average price of $451.20 per share, with a total value of $250,867.20. Following the completion of the purchase, the director now owns 2,324 shares in the company, valued at approximately $1,048,588.80. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Timothy S. Cahill sold 2,534 shares of Lockheed Martin stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $479.44, for a total transaction of $1,214,900.96. Following the completion of the transaction, the executive vice president now owns 10,460 shares of the company’s stock, valued at approximately $5,014,942.40. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.
Lockheed Martin Profile
Lockheed Martin Corp. is a global security and aerospace company, which engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. It operates through the following business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.
- Get a free copy of the StockNews.com research report on Lockheed Martin (LMT)
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