Lockheed Martin Co. (NYSE:LMT) Shares Sold by Convergence Financial LLC

by · The Cerbat Gem

Convergence Financial LLC lowered its stake in shares of Lockheed Martin Co. (NYSE:LMT – Free Report) by 16.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,111 shares of the aerospace company’s stock after selling 212 shares during the quarter. Convergence Financial LLC’s holdings in Lockheed Martin were worth $649,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. International Assets Investment Management LLC boosted its stake in shares of Lockheed Martin by 60,592.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,559,178 shares of the aerospace company’s stock valued at $911,433,000 after buying an additional 1,556,609 shares during the last quarter. Wulff Hansen & CO. boosted its stake in shares of Lockheed Martin by 56,626.7% during the 2nd quarter. Wulff Hansen & CO. now owns 1,021,081 shares of the aerospace company’s stock valued at $476,947,000 after buying an additional 1,019,281 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Lockheed Martin by 1,075.2% during the 1st quarter. Van ECK Associates Corp now owns 481,106 shares of the aerospace company’s stock valued at $218,841,000 after buying an additional 440,169 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Lockheed Martin by 29.7% during the 1st quarter. Capital Research Global Investors now owns 953,285 shares of the aerospace company’s stock valued at $433,621,000 after buying an additional 218,506 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Lockheed Martin by 219.3% during the 1st quarter. National Bank of Canada FI now owns 318,107 shares of the aerospace company’s stock valued at $149,138,000 after buying an additional 218,466 shares during the last quarter. Institutional investors and hedge funds own 74.19% of the company’s stock.

Lockheed Martin Price Performance

NYSE:LMT opened at $562.29 on Friday. The business’s 50-day moving average price is $580.07 and its 200 day moving average price is $514.62. The firm has a market cap of $134.03 billion, a P/E ratio of 20.36, a PEG ratio of 4.62 and a beta of 0.47. Lockheed Martin Co. has a 52-week low of $413.92 and a 52-week high of $618.95. The company has a quick ratio of 1.07, a current ratio of 1.30 and a debt-to-equity ratio of 2.66.

Lockheed Martin (NYSE:LMT – Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The aerospace company reported $6.84 earnings per share for the quarter, topping analysts’ consensus estimates of $6.50 by $0.34. The firm had revenue of $17.10 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Lockheed Martin had a return on equity of 101.44% and a net margin of 9.36%. Lockheed Martin’s revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the business posted $6.77 EPS. As a group, sell-side analysts predict that Lockheed Martin Co. will post 26.65 earnings per share for the current fiscal year.

Lockheed Martin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 2nd will be paid a $3.30 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $13.20 dividend on an annualized basis and a yield of 2.35%. This is a boost from Lockheed Martin’s previous quarterly dividend of $3.15. Lockheed Martin’s dividend payout ratio (DPR) is currently 45.62%.

Analysts Set New Price Targets

Several research firms have recently commented on LMT. Robert W. Baird increased their target price on Lockheed Martin from $519.00 to $626.00 in a research note on Tuesday. Melius Research upgraded Lockheed Martin to a “strong-buy” rating in a research note on Tuesday, September 3rd. TD Cowen raised their price objective on Lockheed Martin from $560.00 to $610.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group raised their price objective on Lockheed Martin from $589.00 to $603.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Bank of America restated a “buy” rating and set a $635.00 price objective on shares of Lockheed Martin in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Lockheed Martin presently has an average rating of “Moderate Buy” and an average target price of $606.71.

Get Our Latest Stock Analysis on Lockheed Martin

Lockheed Martin Company Profile

(Free Report)

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.

See Also