Cornercap Investment Counsel Inc. Decreases Stock Position in Lockheed Martin Co. (NYSE:LMT)

Cornercap Investment Counsel Inc. cut its stake in Lockheed Martin Co. (NYSE:LMT) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,656 shares of the aerospace company’s stock after selling 78 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Lockheed Martin were worth $2,175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LMT. Van ECK Associates Corp boosted its holdings in Lockheed Martin by 1,075.2% in the first quarter. Van ECK Associates Corp now owns 481,106 shares of the aerospace company’s stock valued at $218,841,000 after purchasing an additional 440,169 shares during the period. Franklin Resources Inc. lifted its holdings in Lockheed Martin by 14.9% during the 4th quarter. Franklin Resources Inc. now owns 2,589,447 shares of the aerospace company’s stock worth $1,173,641,000 after buying an additional 336,588 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in Lockheed Martin during the 1st quarter worth about $151,402,000. Corient Private Wealth LLC lifted its holdings in Lockheed Martin by 91.8% during the 4th quarter. Corient Private Wealth LLC now owns 574,017 shares of the aerospace company’s stock worth $260,169,000 after buying an additional 274,680 shares during the last quarter. Finally, Capital Research Global Investors lifted its holdings in Lockheed Martin by 29.7% during the 1st quarter. Capital Research Global Investors now owns 953,285 shares of the aerospace company’s stock worth $433,621,000 after buying an additional 218,506 shares during the last quarter. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Lockheed Martin Stock Performance

Shares of LMT stock opened at $566.96 on Thursday. The stock has a market capitalization of $135.14 billion, a PE ratio of 20.74, a price-to-earnings-growth ratio of 4.55 and a beta of 0.47. Lockheed Martin Co. has a 52-week low of $393.77 and a 52-week high of $578.73. The stock’s 50-day moving average price is $530.69 and its 200 day moving average price is $481.95. The company has a quick ratio of 1.07, a current ratio of 1.24 and a debt-to-equity ratio of 3.10.

Lockheed Martin (NYSE:LMT) last issued its quarterly earnings results on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.45 by $0.66. The firm had revenue of $18.12 billion for the quarter, compared to analysts’ expectations of $17.05 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.73 EPS. As a group, equities research analysts forecast that Lockheed Martin Co. will post 26.65 EPS for the current year.

Lockheed Martin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 3rd will be given a $3.15 dividend. This represents a $12.60 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, September 3rd. Lockheed Martin’s dividend payout ratio (DPR) is presently 46.10%.

Insider Activity at Lockheed Martin

In related news, insider Timothy S. Cahill sold 3,975 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $515.36, for a total value of $2,048,556.00. Following the transaction, the insider now owns 8,877 shares in the company, valued at approximately $4,574,850.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Barclays lifted their price target on Lockheed Martin from $480.00 to $505.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Melius Research raised Lockheed Martin to a “strong-buy” rating in a report on Tuesday, September 3rd. Wells Fargo & Company lifted their price target on Lockheed Martin from $483.00 to $525.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Melius raised Lockheed Martin from a “hold” rating to a “buy” rating and set a $704.00 price target for the company in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada raised Lockheed Martin from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $500.00 to $600.00 in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Lockheed Martin currently has an average rating of “Moderate Buy” and an average price target of $553.43.

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.