Zacks Investment Research upgraded shares of Lockheed Martin (NYSE:LMT) from a hold rating to a buy rating in a report released on Friday. Zacks Investment Research currently has $373.00 price objective on the aerospace company’s stock.
According to Zacks, “Being the largest defense contractor in the world, Lockheed Martin witnesses strong demand for its high-end military equipments in both domestic as well as overseas markets. Strong order growth has been a primary growth driver for this company. The latest $7 billion deal for the sustainment of F-22 air vehicle is one such order. A positive defense budget proposed by Trump government further buoys optimism for this stock's growth. Lockheed Martin continues to be a strong cash generator, helping it to take important cash deployment decisions. At the end of third-quarter 2017, the company generated cash from operations worth $5 billion, up 11.3% year over year. However, the F-35 program, despite being a prime defense project for the U.S. government, has been facing criticism for being overtly expensive, for past few years. “
Other research analysts also recently issued reports about the company. Vetr downgraded Lockheed Martin from a strong-buy rating to a buy rating and set a $349.96 price objective on the stock. in a research note on Monday, November 13th. Bank of America set a $360.00 price objective on Lockheed Martin and gave the company a buy rating in a research note on Friday, October 27th. Stifel Nicolaus raised their price objective on Lockheed Martin from $320.00 to $340.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Buckingham Research raised their price objective on Lockheed Martin from $316.00 to $348.00 and gave the company a buy rating in a research note on Thursday, October 5th. Finally, Deutsche Bank reissued a buy rating and issued a $340.00 price objective (up from $305.00) on shares of Lockheed Martin in a research note on Monday, October 2nd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $327.10.
Lockheed Martin (NYSE:LMT) last issued its quarterly earnings data on Tuesday, October 24th. The aerospace company reported $3.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.26 by ($0.02). Lockheed Martin had a net margin of 7.31% and a return on equity of 221.41%. The company had revenue of $12.17 billion during the quarter, compared to the consensus estimate of $12.83 billion. During the same period in the previous year, the business posted $3.61 earnings per share. The firm’s revenue was up 5.4% on a year-over-year basis. sell-side analysts predict that Lockheed Martin will post 13.11 earnings per share for the current fiscal year.
Lockheed Martin announced that its board has initiated a share buyback plan on Thursday, September 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to reacquire up to 2.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other Lockheed Martin news, Director Daniel F. Akerson bought 2,500 shares of the stock in a transaction on Wednesday, October 25th. The shares were purchased at an average price of $312.02 per share, with a total value of $780,050.00. Following the acquisition, the director now directly owns 7,432 shares of the company’s stock, valued at approximately $2,318,932.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dale P. Bennett sold 2,000 shares of Lockheed Martin stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $313.75, for a total value of $627,500.00. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.
An institutional investor recently bought a new position in Lockheed Martin stock. Buckingham Capital Management Inc. acquired a new position in shares of Lockheed Martin Co. (NYSE:LMT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 670 shares of the aerospace company’s stock, valued at approximately $208,000. Institutional investors and hedge funds own 78.81% of the company’s stock.
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Lockheed Martin Company Profile
Lockheed Martin Corporation is a security and aerospace company. The Company operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.
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