Riggs Asset Managment Co. Inc. Raises Position in Lockheed Martin Corp. (LMT)
Riggs Asset Managment Co. Inc. boosted its stake in shares of Lockheed Martin Corp. (NYSE:LMT) by 189.3% during the second quarter, Holdings Channel reports. The institutional investor owned 21,058 shares of the company’s stock after buying an additional 13,780 shares during the period. Lockheed Martin Corp. comprises 2.7% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 17th largest position. Riggs Asset Managment Co. Inc.’s holdings in Lockheed Martin Corp. were worth $5,226,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in LMT. Americafirst Capital Management LLC purchased a new position in shares of Lockheed Martin Corp. during the second quarter valued at approximately $103,000. Quadrant Capital Group LLC raised its position in Lockheed Martin Corp. by 24.4% in the second quarter. Quadrant Capital Group LLC now owns 684 shares of the company’s stock valued at $161,000 after buying an additional 134 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Lockheed Martin Corp. by 4.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 774 shares of the company’s stock valued at $192,000 after buying an additional 33 shares in the last quarter. Zions Bancorporation raised its position in Lockheed Martin Corp. by 102.3% in the first quarter. Zions Bancorporation now owns 809 shares of the company’s stock valued at $182,000 after buying an additional 409 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. bought a new position in Lockheed Martin Corp. during the second quarter valued at about $201,000. 83.82% of the stock is owned by institutional investors and hedge funds.
Lockheed Martin Corp. (NYSE:LMT) traded up 0.01% on Tuesday, reaching $232.79. The company had a trading volume of 867,910 shares. Lockheed Martin Corp. has a 1-year low of $200.47 and a 1-year high of $266.93. The stock’s 50 day moving average is $239.18 and its 200-day moving average is $242.40. The stock has a market capitalization of $70.51 billion, a P/E ratio of 19.38 and a beta of 0.59.
Lockheed Martin Corp. (NYSE:LMT) last released its quarterly earnings results on Tuesday, July 19th. The company reported $3.32 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.39. Lockheed Martin Corp. had a return on equity of 119.66% and a net margin of 7.37%. The company earned $12.90 billion during the quarter, compared to analysts’ expectations of $12.56 billion. During the same period last year, the business posted $2.94 earnings per share. On average, equities analysts predict that Lockheed Martin Corp. will post $11.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 1st will be paid a $1.82 dividend. The ex-dividend date is Tuesday, November 29th. This is a boost from Lockheed Martin Corp.’s previous quarterly dividend of $1.65. This represents a $7.28 dividend on an annualized basis and a yield of 3.13%. Lockheed Martin Corp.’s dividend payout ratio (DPR) is 56.51%.
Several research firms have recently issued reports on LMT. Drexel Hamilton reaffirmed a “buy” rating and issued a $284.00 price target on shares of Lockheed Martin Corp. in a research report on Wednesday, July 20th. Zacks Investment Research raised Lockheed Martin Corp. from a “hold” rating to a “buy” rating and set a $279.00 price target for the company in a research report on Tuesday, July 5th. Jefferies Group reaffirmed a “hold” rating on shares of Lockheed Martin Corp. in a research report on Wednesday, August 3rd. Argus lifted their price target on Lockheed Martin Corp. from $255.00 to $290.00 and gave the stock a “buy” rating in a research report on Wednesday, July 20th. Finally, Credit Suisse Group AG reaffirmed a “neutral” rating and issued a $255.00 price target (up previously from $225.00) on shares of Lockheed Martin Corp. in a research report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $259.77.
In other news, insider Orlando D. Carvalho sold 12,700 shares of the firm’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $254.78, for a total value of $3,235,706.00. Following the completion of the transaction, the insider now directly owns 29,120 shares in the company, valued at $7,419,193.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sondra L. Barbour sold 66,460 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $255.74, for a total value of $16,996,480.40. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at $7,979,088. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.
Lockheed Martin Corp. Company Profile
Lockheed Martin Corporation is a global security and aerospace company. The Company is engaged in the research, design, integration and sustainment of advanced technology systems, products and services. It operates in five segments: Aeronautics; Information Systems & Global Solutions (IS&GS); Missiles and Fire Control (MFC); Mission Systems and Training (MST), and Space Systems.
Want to see what other hedge funds are holding LMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lockheed Martin Corp. (NYSE:LMT).
Receive News & Ratings for Lockheed Martin Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lockheed Martin Corp. and related companies with MarketBeat.com's FREE daily email newsletter.