Hamlin Capital Management LLC grew its position in shares of Lockheed Martin Co. (NYSE:LMT) by 1.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,124 shares of the aerospace company’s stock after purchasing an additional 2,743 shares during the period. Lockheed Martin makes up about 3.6% of Hamlin Capital Management LLC’s holdings, making the stock its 18th largest holding. Hamlin Capital Management LLC owned about 0.09% of Lockheed Martin worth $89,424,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clean Yield Group purchased a new position in Lockheed Martin during the 2nd quarter valued at about $25,000. Itau Unibanco Holding S.A. purchased a new position in shares of Lockheed Martin in the second quarter valued at approximately $33,000. Sierra Capital LLC acquired a new position in shares of Lockheed Martin in the first quarter valued at approximately $36,000. Selective Wealth Management Inc. purchased a new stake in Lockheed Martin during the 2nd quarter worth approximately $38,000. Finally, Paragon Wealth Strategies LLC acquired a new stake in Lockheed Martin during the 2nd quarter worth approximately $42,000. Institutional investors and hedge funds own 74.43% of the company’s stock.
LMT has been the topic of a number of recent research reports. Robert W. Baird cut their price objective on Lockheed Martin from $394.00 to $376.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 27th. Jefferies Financial Group restated a “neutral” rating on shares of Lockheed Martin in a report on Friday, September 10th. UBS Group decreased their price objective on Lockheed Martin from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Wednesday, October 27th. Cowen downgraded Lockheed Martin from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $400.00 to $375.00 in a research report on Wednesday, September 29th. Finally, The Goldman Sachs Group cut shares of Lockheed Martin from a “buy” rating to a “neutral” rating and set a $402.00 target price on the stock. in a report on Thursday, September 23rd. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $380.40.
Lockheed Martin (NYSE:LMT) last released its quarterly earnings data on Monday, October 25th. The aerospace company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.24. Lockheed Martin had a net margin of 9.13% and a return on equity of 104.60%. The company had revenue of $16.03 billion during the quarter, compared to the consensus estimate of $17.12 billion. During the same quarter in the prior year, the firm posted $6.25 earnings per share. Lockheed Martin’s revenue for the quarter was down 2.8% on a year-over-year basis. Sell-side analysts expect that Lockheed Martin Co. will post 28.49 EPS for the current year.
Lockheed Martin announced that its board has approved a stock repurchase plan on Thursday, September 23rd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the aerospace company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 27th. Investors of record on Wednesday, December 1st will be paid a dividend of $2.80 per share. This represents a $11.20 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Tuesday, November 30th. This is an increase from Lockheed Martin’s previous quarterly dividend of $2.60. Lockheed Martin’s dividend payout ratio (DPR) is currently 47.99%.
Lockheed Martin Company Profile
Lockheed Martin Corp. operates as a global security and aerospace company, which engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. It operates through the following business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space.
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