Pinnacle Associates Ltd. Boosts Stock Position in Lockheed Martin Co. (NYSE:LMT)

Pinnacle Associates Ltd. increased its position in Lockheed Martin Co. (NYSE:LMT) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,579 shares of the aerospace company’s stock after purchasing an additional 56 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Lockheed Martin were worth $17,875,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in LMT. Stokes Family Office LLC acquired a new stake in Lockheed Martin during the 1st quarter worth about $425,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Lockheed Martin by 17.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 193,600 shares of the aerospace company’s stock worth $88,063,000 after acquiring an additional 28,697 shares during the last quarter. Norden Group LLC grew its holdings in shares of Lockheed Martin by 3,271.9% during the first quarter. Norden Group LLC now owns 20,400 shares of the aerospace company’s stock worth $9,281,000 after buying an additional 19,795 shares in the last quarter. Westside Investment Management Inc. grew its stake in Lockheed Martin by 17.3% during the 1st quarter. Westside Investment Management Inc. now owns 1,495 shares of the aerospace company’s stock valued at $679,000 after acquiring an additional 220 shares in the last quarter. Finally, Lee Johnson Capital Management LLC increased its holdings in shares of Lockheed Martin by 8.6% in the first quarter. Lee Johnson Capital Management LLC now owns 908 shares of the aerospace company’s stock valued at $413,000 after purchasing an additional 72 shares during the last quarter. 74.19% of the stock is currently owned by institutional investors.

Lockheed Martin Stock Performance

Shares of LMT stock traded down $0.69 during trading hours on Wednesday, hitting $546.11. The stock had a trading volume of 257,339 shares, compared to its average volume of 1,052,216. The stock’s 50 day moving average is $579.81 and its 200 day moving average is $516.93. The firm has a market capitalization of $131.03 billion, a PE ratio of 19.93, a PEG ratio of 4.62 and a beta of 0.47. Lockheed Martin Co. has a twelve month low of $413.92 and a twelve month high of $618.95. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.30 and a quick ratio of 1.07.

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

Lockheed Martin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 2nd will be given a dividend of $3.30 per share. This is a boost from Lockheed Martin’s previous quarterly dividend of $3.15. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $13.20 annualized dividend and a yield of 2.42%. Lockheed Martin’s payout ratio is presently 48.30%.

Analyst Ratings Changes

Several research analysts recently weighed in on LMT shares. Wells Fargo & Company increased their price objective on Lockheed Martin from $483.00 to $525.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. StockNews.com lowered shares of Lockheed Martin from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 23rd. Melius raised shares of Lockheed Martin from a “hold” rating to a “buy” rating and set a $704.00 price objective for the company in a research report on Tuesday, September 3rd. UBS Group raised their price target on Lockheed Martin from $589.00 to $603.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, Robert W. Baird increased their target price on Lockheed Martin from $519.00 to $626.00 in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Lockheed Martin currently has a consensus rating of “Moderate Buy” and an average price target of $611.00.

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. The company operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space segments.