Lockheed Martin (NYSE:LMT) Cut to “Neutral” at Bank of America

Bank of America lowered shares of Lockheed Martin (NYSE:LMT) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, MarketBeat.com reports. They currently have $485.00 price objective on the aerospace company’s stock, down from their prior price objective of $685.00.

Several other analysts have also recently issued reports on the stock. Morgan Stanley cut their price target on shares of Lockheed Martin from $555.00 to $525.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Wells Fargo & Company restated an “equal weight” rating on shares of Lockheed Martin in a research note on Monday, March 10th. Truist Financial started coverage on Lockheed Martin in a research note on Tuesday, January 14th. They issued a “buy” rating and a $579.00 price target for the company. Citigroup cut their price objective on Lockheed Martin from $700.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada decreased their target price on Lockheed Martin from $570.00 to $550.00 and set an “outperform” rating for the company in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $544.20.

Lockheed Martin Stock Performance

Lockheed Martin stock opened at $444.88 on Monday. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.13 and a quick ratio of 0.95. The firm’s fifty day moving average price is $458.36 and its 200 day moving average price is $512.16. The company has a market capitalization of $104.72 billion, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 2.07 and a beta of 0.43. Lockheed Martin has a 12-month low of $419.70 and a 12-month high of $618.95.

Lockheed Martin (NYSE:LMT) last announced its earnings results on Tuesday, January 28th. The aerospace company reported $7.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.58 by $1.09. Lockheed Martin had a return on equity of 101.47% and a net margin of 7.51%. On average, research analysts forecast that Lockheed Martin will post 27.15 EPS for the current fiscal year.

Lockheed Martin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 3rd will be given a dividend of $3.30 per share. The ex-dividend date is Monday, March 3rd. This represents a $13.20 annualized dividend and a dividend yield of 2.97%. Lockheed Martin’s dividend payout ratio is presently 59.30%.

Insider Buying and Selling

In related news, insider Robert M. Lightfoot, Jr. sold 3,213 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $442.42, for a total value of $1,421,495.46. Following the completion of the transaction, the insider now owns 2,000 shares in the company, valued at $884,840. This represents a 61.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Harry Edward Paul III sold 707 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $442.61, for a total transaction of $312,925.27. Following the sale, the vice president now owns 2,278 shares in the company, valued at $1,008,265.58. This trade represents a 23.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,133 shares of company stock valued at $3,155,916 in the last three months. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lockheed Martin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Lockheed Martin by 17.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,471,071 shares of the aerospace company’s stock valued at $3,630,492,000 after purchasing an additional 1,132,461 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lockheed Martin by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,887,242 shares of the aerospace company’s stock valued at $2,374,557,000 after purchasing an additional 59,597 shares during the last quarter. FMR LLC boosted its position in shares of Lockheed Martin by 6.6% in the 3rd quarter. FMR LLC now owns 3,389,025 shares of the aerospace company’s stock valued at $1,981,088,000 after purchasing an additional 209,591 shares during the period. Wellington Management Group LLP increased its stake in Lockheed Martin by 8.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,074,855 shares of the aerospace company’s stock worth $1,797,437,000 after purchasing an additional 240,306 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Lockheed Martin by 6.3% during the 4th quarter. Northern Trust Corp now owns 2,260,910 shares of the aerospace company’s stock worth $1,098,667,000 after buying an additional 134,662 shares during the period. 74.19% of the stock is owned by institutional investors.

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.