Lockheed Martin Corp. (NYSE:LMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Lockheed Martin’s third-quarter 2016 earnings as well as revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, the company recorded an improvement for both the top and the bottom line. Meanwhile, the 10% hike in quarterly dividend raises investors’ optimism. Management also authorized an additional share repurchase of $2 billion, highlighting the company’s strong capital structure. Moreover, the company's solid outlook, impressive revenue growth and potential share buybacks remain major positives. The hike in AWE venture’s ownership stake is also encouraging. However, the threat of sequestration looms large for this defense major, as it draws a major portion of its revenues from the defense department. The weak backlog and rising competition in the global market also remain major headwinds. “
Other equities analysts have also recently issued reports about the company. Citigroup Inc. reissued a “buy” rating and set a $284.00 price objective (up from $239.00) on shares of Lockheed Martin Corp. in a report on Tuesday, September 6th. Argus reissued a “buy” rating and set a $290.00 price objective on shares of Lockheed Martin Corp. in a report on Friday, August 5th. Drexel Hamilton reissued a “buy” rating and set a $284.00 price objective on shares of Lockheed Martin Corp. in a report on Wednesday, July 20th. Vetr cut Lockheed Martin Corp. from a “buy” rating to a “hold” rating and set a $255.00 price target on the stock. in a research note on Monday, July 4th. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Lockheed Martin Corp. in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $261.35.
Lockheed Martin Corp. (NYSE:LMT) opened at 248.00 on Thursday. Lockheed Martin Corp. has a 12-month low of $200.47 and a 12-month high of $266.93. The firm’s 50 day moving average price is $238.85 and its 200-day moving average price is $243.00. The company has a market capitalization of $74.03 billion, a PE ratio of 14.50 and a beta of 0.59.
Lockheed Martin Corp. (NYSE:LMT) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $3.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.86 by $0.75. The company had revenue of $11.60 billion for the quarter, compared to analysts’ expectations of $11.49 billion. Lockheed Martin Corp. had a return on equity of 131.23% and a net margin of 10.48%. Lockheed Martin Corp.’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period last year, the firm posted $2.76 EPS. On average, equities analysts anticipate that Lockheed Martin Corp. will post $12.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 1st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This is a positive change from Lockheed Martin Corp.’s previous quarterly dividend of $1.65. This represents a $7.28 annualized dividend and a dividend yield of 2.94%. Lockheed Martin Corp.’s payout ratio is currently 39.19%.
In related news, insider Sondra L. Barbour sold 66,460 shares of Lockheed Martin Corp. stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $255.74, for a total transaction of $16,996,480.40. Following the sale, the insider now directly owns 31,200 shares in the company, valued at $7,979,088. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.42% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Americafirst Capital Management LLC bought a new stake in Lockheed Martin Corp. during the second quarter valued at approximately $103,000. Arrow Financial Corp increased its stake in Lockheed Martin Corp. by 3.5% in the second quarter. Arrow Financial Corp now owns 439 shares of the company’s stock valued at $109,000 after buying an additional 15 shares during the period. First Personal Financial Services increased its stake in Lockheed Martin Corp. by 163.1% in the second quarter. First Personal Financial Services now owns 542 shares of the company’s stock valued at $135,000 after buying an additional 336 shares during the period. Signaturefd LLC increased its stake in Lockheed Martin Corp. by 14.9% in the second quarter. Signaturefd LLC now owns 546 shares of the company’s stock valued at $135,000 after buying an additional 71 shares during the period. Finally, Reilly Financial Advisors LLC increased its stake in Lockheed Martin Corp. by 13.1% in the second quarter. Reilly Financial Advisors LLC now owns 588 shares of the company’s stock valued at $146,000 after buying an additional 68 shares during the period. Institutional investors own 83.70% of the company’s stock.
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.