Berkshire Asset Management LLC PA Increases Position in Lockheed Martin Co. (LMT)
Berkshire Asset Management LLC PA increased its stake in shares of Lockheed Martin Co. (NYSE:LMT) by 5.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,225 shares of the aerospace company’s stock after acquiring an additional 2,987 shares during the quarter. Lockheed Martin comprises approximately 1.6% of Berkshire Asset Management LLC PA’s holdings, making the stock its 24th largest holding. Berkshire Asset Management LLC PA’s holdings in Lockheed Martin were worth $19,451,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. FTB Advisors Inc. increased its holdings in Lockheed Martin by 142.6% in the 2nd quarter. FTB Advisors Inc. now owns 359 shares of the aerospace company’s stock valued at $105,000 after buying an additional 211 shares during the period. Fort L.P. bought a new stake in Lockheed Martin in the 2nd quarter valued at $116,000. Trilogy Capital Inc. bought a new stake in Lockheed Martin in the 1st quarter valued at $134,000. FNY Investment Advisers LLC bought a new stake in Lockheed Martin in the 2nd quarter valued at $117,000. Finally, Quad Cities Investment Group LLC bought a new stake in Lockheed Martin in the 2nd quarter valued at $131,000. 77.84% of the stock is currently owned by institutional investors and hedge funds.
In other news, Chairman Marillyn A. Hewson sold 25,000 shares of the business’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $323.68, for a total value of $8,092,000.00. Following the sale, the chairman now owns 90,625 shares in the company, valued at approximately $29,333,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Maryanne Lavan sold 7,250 shares of the business’s stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $323.64, for a total transaction of $2,346,390.00. Following the completion of the sale, the senior vice president now owns 9,869 shares in the company, valued at approximately $3,194,003.16. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.
Lockheed Martin (NYSE:LMT) last issued its earnings results on Tuesday, July 24th. The aerospace company reported $4.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.92 by $0.39. Lockheed Martin had a net margin of 5.00% and a return on equity of 944.31%. The company had revenue of $13.40 billion for the quarter, compared to the consensus estimate of $12.72 billion. During the same quarter 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. On average, sell-side analysts forecast that Lockheed Martin Co. will post 17.21 EPS for the current year.
Lockheed Martin announced that its Board of Directors has approved a stock buyback plan on Thursday, September 27th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to buy up to 1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The company 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. This represents a $8.80 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, November 30th. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.00. Lockheed Martin’s payout ratio is currently 60.02%.
Several equities research analysts have issued reports on LMT shares. Zacks Investment Research raised shares of Lockheed Martin from a “hold” rating to a “buy” rating and set a $343.00 price target on the stock in a report on Wednesday, July 11th. Morgan Stanley lowered their price target on shares of Lockheed Martin from $370.00 to $352.00 and set an “overweight” rating on the stock in a report on Thursday, July 12th. Cowen raised shares of Lockheed Martin from a “market perform” rating to an “outperform” rating and set a $370.00 price target on the stock in a report on Wednesday, July 25th. Stifel Nicolaus lowered their price target 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. Finally, Sanford C. Bernstein boosted their price target on shares of Lockheed Martin from $349.00 to $356.00 and gave the company a “market perform” rating in a report on Wednesday, July 25th. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $377.14.
Lockheed Martin 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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