Polaris Greystone Financial Group LLC Boosts Stake in Lockheed Martin Co. (LMT)
Polaris Greystone Financial Group LLC lifted its holdings in Lockheed Martin Co. (NYSE:LMT) by 22.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 867 shares of the aerospace company’s stock after buying an additional 160 shares during the period. Polaris Greystone Financial Group LLC’s holdings in Lockheed Martin were worth $300,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of LMT. Canton Hathaway LLC bought a new stake in shares of Lockheed Martin in the 3rd quarter worth about $104,000. FTB Advisors Inc. increased its holdings in shares of Lockheed Martin by 142.6% in the 2nd quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock worth $105,000 after buying an additional 211 shares during the last quarter. Fort L.P. bought a new stake in shares of Lockheed Martin in the 2nd quarter worth about $116,000. FNY Investment Advisers LLC bought a new stake in shares of Lockheed Martin in the 2nd quarter worth about $117,000. Finally, Quad Cities Investment Group LLC bought a new stake in shares of Lockheed Martin in the 2nd quarter worth about $131,000. Hedge funds and other institutional investors own 77.94% of the company’s stock.
A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Lockheed Martin from $352.00 to $377.00 and gave the stock an “overweight” rating in a report on Wednesday, July 25th. Stifel Nicolaus reduced their target price on shares of Lockheed Martin from $400.00 to $370.00 and set a “buy” rating on the stock in a report on Wednesday, July 25th. Zacks Investment Research downgraded shares of Lockheed Martin from a “buy” rating to a “hold” rating in a report on Friday, October 12th. Cowen upgraded shares of Lockheed Martin from a “market perform” rating to an “outperform” rating and set a $370.00 target price on the stock in a report on Wednesday, July 25th. Finally, Berenberg Bank upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $377.14.
Lockheed Martin (NYSE:LMT) last released its quarterly earnings results on Tuesday, July 24th. The aerospace company reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.39. Lockheed Martin had a net margin of 5.00% and a return on equity of 944.31%. The firm had revenue of $13.40 billion during the quarter, compared to analysts’ expectations of $12.72 billion. During the same period in the previous year, the company earned $3.23 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, research analysts expect that Lockheed Martin Co. will post 17.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Monday, December 3rd will be paid a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, November 30th. This is a boost from Lockheed Martin’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 2.68%. Lockheed Martin’s payout ratio is currently 60.02%.
Lockheed Martin announced that its board has initiated a stock repurchase plan on Thursday, September 27th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the aerospace company to repurchase up to 1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Lockheed Martin news, SVP Maryanne Lavan sold 7,250 shares of the business’s stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $323.64, for a total value of $2,346,390.00. Following the completion of the sale, the senior vice president now directly owns 9,869 shares of the company’s stock, valued at approximately $3,194,003.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Marillyn A. Hewson sold 25,000 shares of the business’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $323.68, for a total transaction of $8,092,000.00. Following the completion of the sale, the chairman now directly owns 90,625 shares of the company’s stock, valued at $29,333,500. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.
About Lockheed Martin
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.
Receive News & Ratings for Lockheed Martin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lockheed Martin and related companies with MarketBeat.com's FREE daily email newsletter.