Douglass Winthrop Advisors LLC cut its stake in shares of Lockheed Martin Co. (NYSE:LMT) by 66.5% in the third quarter, HoldingsChannel.com reports. The fund owned 2,295 shares of the aerospace company’s stock after selling 4,550 shares during the period. Douglass Winthrop Advisors LLC’s holdings in Lockheed Martin were worth $794,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FTB Advisors Inc. lifted its holdings in shares of Lockheed Martin by 142.6% during the second quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock valued at $105,000 after acquiring an additional 211 shares during the period. Fort L.P. bought a new position in shares of Lockheed Martin during the second quarter valued at $116,000. Trilogy Capital Inc. bought a new position in shares of Lockheed Martin during the first quarter valued at $134,000. FNY Investment Advisers LLC bought a new position in shares of Lockheed Martin during the second quarter valued at $117,000. Finally, Quad Cities Investment Group LLC bought a new position in shares of Lockheed Martin during the second quarter valued at $131,000. 77.84% of the stock is owned by institutional investors.
Shares of NYSE:LMT opened at $327.62 on Friday. Lockheed Martin Co. has a twelve month low of $291.52 and a twelve month high of $363.00. The firm has a market capitalization of $98.52 billion, a PE ratio of 24.58, a price-to-earnings-growth ratio of 2.74 and a beta of 0.71. The company has a debt-to-equity ratio of 28.14, a current ratio of 1.19 and a quick ratio of 0.97.
Lockheed Martin (NYSE:LMT) last announced its earnings results on Tuesday, July 24th. The aerospace company reported $4.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.92 by $0.39. Lockheed Martin had a return on equity of 944.31% and a net margin of 5.00%. The company had revenue of $13.40 billion during the quarter, compared to analyst estimates of $12.72 billion. During the same period last year, the company posted $3.23 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Equities analysts anticipate that Lockheed Martin Co. will post 17.21 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Monday, December 3rd will be paid a $2.20 dividend. The ex-dividend date is Friday, November 30th. This is a positive change 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 2.69%. Lockheed Martin’s dividend payout ratio (DPR) is 60.02%.
Lockheed Martin announced that its Board of Directors has approved a share buyback program on Thursday, September 27th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the aerospace company to repurchase up to 1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages have issued reports on LMT. Credit Suisse Group lifted their price objective on Lockheed Martin from $340.00 to $368.00 and gave the company a “neutral” rating in a report on Wednesday, October 3rd. Zacks Investment Research cut Lockheed Martin from a “buy” rating to a “hold” rating in a report on Friday, October 5th. Morgan Stanley set a $386.00 price objective on Lockheed Martin and gave the company a “buy” rating in a report on Thursday. Bank of America lifted their price objective on Lockheed Martin from $400.00 to $412.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Finally, Berenberg Bank raised 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 assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $377.14.
In related news, Chairman Marillyn A. Hewson sold 25,000 shares of Lockheed Martin stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $323.68, for a total value of $8,092,000.00. Following the completion of the sale, the chairman now directly owns 90,625 shares in the company, valued at $29,333,500. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Maryanne Lavan sold 7,250 shares of Lockheed Martin stock in a transaction dated Wednesday, July 25th. The stock was 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 owns 9,869 shares of the company’s stock, valued at $3,194,003.16. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.
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. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.
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