Lockheed Martin (NYSE:LMT) Hits New 1-Year High After Earnings Beat

Lockheed Martin Co. (NYSE:LMT) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $512.52 and last traded at $508.52, with a volume of 215461 shares trading hands. The stock had previously closed at $501.29.

The aerospace company reported $7.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.45 by $0.66. The business had revenue of $18.12 billion for the quarter, compared to analyst estimates of $17.05 billion. Lockheed Martin had a net margin of 9.48% and a return on equity of 90.61%. Lockheed Martin’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.73 earnings per share.

Lockheed Martin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 3rd will be issued a $3.15 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $12.60 annualized dividend and a yield of 2.42%. Lockheed Martin’s payout ratio is 46.10%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LMT. Royal Bank of Canada upped their price objective on shares of Lockheed Martin from $470.00 to $500.00 and gave the company a “sector perform” rating in a report on Wednesday. StockNews.com upgraded shares of Lockheed Martin from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. UBS Group upped their target price on shares of Lockheed Martin from $511.00 to $538.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of Lockheed Martin from $518.00 to $560.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Citigroup upped their target price on shares of Lockheed Martin from $508.00 to $525.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $513.45.

Insider Activity

In other news, insider Timothy S. Cahill sold 3,975 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $515.36, for a total transaction of $2,048,556.00. Following the completion of the transaction, the insider now directly owns 8,877 shares of the company’s stock, valued at approximately $4,574,850.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Trading of Lockheed Martin

A number of institutional investors have recently modified their holdings of the business. Warther Private Wealth LLC lifted its stake in Lockheed Martin by 86.1% in the 4th quarter. Warther Private Wealth LLC now owns 16,369 shares of the aerospace company’s stock worth $7,419,000 after purchasing an additional 7,575 shares in the last quarter. Morningstar Investment Services LLC lifted its stake in Lockheed Martin by 99.6% in the 4th quarter. Morningstar Investment Services LLC now owns 147,811 shares of the aerospace company’s stock worth $66,697,000 after purchasing an additional 73,774 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in Lockheed Martin by 0.4% in the 4th quarter. AdvisorNet Financial Inc now owns 7,741 shares of the aerospace company’s stock worth $3,509,000 after purchasing an additional 29 shares in the last quarter. Cercano Management LLC purchased a new stake in Lockheed Martin in the 4th quarter worth approximately $29,454,000. Finally, Brevan Howard Capital Management LP lifted its stake in Lockheed Martin by 414.2% in the 4th quarter. Brevan Howard Capital Management LP now owns 7,121 shares of the aerospace company’s stock worth $3,228,000 after purchasing an additional 5,736 shares in the last quarter. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Lockheed Martin Stock Performance

The company’s 50-day moving average price is $468.42 and its two-hundred day moving average price is $453.45. The company has a debt-to-equity ratio of 2.89, a quick ratio of 1.11 and a current ratio of 1.30. The stock has a market cap of $125.16 billion, a PE ratio of 19.09, a PEG ratio of 4.67 and a beta of 0.46.

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.