Palouse Capital Management Inc. Buys New Position in Lockheed Martin Co. (NYSE:LMT)

Palouse Capital Management Inc. acquired a new position in shares of Lockheed Martin Co. (NYSE:LMT) in the first quarter, Holdings Channel reports. The fund acquired 5,806 shares of the aerospace company’s stock, valued at approximately $2,594,000. Lockheed Martin comprises 1.8% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 25th largest position.

A number of other hedge funds also recently added to or reduced their stakes in LMT. Millstone Evans Group LLC acquired a new stake in Lockheed Martin during the 4th quarter worth approximately $32,000. Mizuho Securities Co. Ltd. acquired a new stake in Lockheed Martin during the 4th quarter worth approximately $34,000. Heck Capital Advisors LLC acquired a new stake in Lockheed Martin during the 4th quarter worth approximately $35,000. Redwood Park Advisors LLC acquired a new stake in Lockheed Martin during the 4th quarter worth approximately $40,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in Lockheed Martin during the 4th quarter worth approximately $42,000. 74.19% of the stock is owned by institutional investors and hedge funds.

Lockheed Martin Stock Up 3.5%

Shares of Lockheed Martin stock opened at $485.75 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.13 and a debt-to-equity ratio of 3.10. The firm has a market cap of $113.81 billion, a P/E ratio of 21.82, a P/E/G ratio of 2.07 and a beta of 0.29. Lockheed Martin Co. has a fifty-two week low of $418.88 and a fifty-two week high of $618.95. The business has a 50-day moving average price of $470.72 and a 200 day moving average price of $470.42.

Lockheed Martin (NYSE:LMT) last posted its earnings results on Tuesday, April 22nd. The aerospace company reported $7.28 EPS for the quarter, beating the consensus estimate of $6.34 by $0.94. The company had revenue of $17.96 billion during the quarter, compared to analyst estimates of $17.83 billion. Lockheed Martin had a return on equity of 101.47% and a net margin of 7.51%. On average, sell-side analysts forecast that Lockheed Martin Co. will post 27.15 earnings per share for the current fiscal year.

Lockheed Martin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 2nd will be given a dividend of $3.30 per share. The ex-dividend date is Monday, June 2nd. This represents a $13.20 annualized dividend and a dividend yield of 2.72%. Lockheed Martin’s dividend payout ratio is presently 57.02%.

Analysts Set New Price Targets

A number of research firms have weighed in on LMT. Royal Bank of Canada cut Lockheed Martin from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $550.00 to $480.00 in a research report on Thursday, March 27th. Baird R W raised Lockheed Martin from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 23rd. UBS Group increased their target price on Lockheed Martin from $481.00 to $499.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 23rd. Bank of America downgraded Lockheed Martin from a “buy” rating to a “neutral” rating and cut their target price for the stock from $685.00 to $485.00 in a research note on Monday, March 24th. Finally, Melius Research downgraded Lockheed Martin from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 24th. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Lockheed Martin has a consensus rating of “Moderate Buy” and a consensus target price of $541.80.

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. The company operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space segments.