Zacks Investment Research upgraded shares of Lockheed Martin (NYSE:LMT) from a hold rating to a buy rating in a research note issued to investors on Friday morning. The firm currently has $369.00 target price on the aerospace company’s stock.
According to Zacks, “Lockheed Martin started off 2018 on an impressive note. Both its first-quarter earnings as well as revenues surpassed the respective Zacks Consensus Estimate. Being the largest defense contractor in the world, the company experiences strong demand for high-end military equipments in both domestic as well as overseas markets. Consequently, strong order growth has been a primary growth driver for this company. Lockheed Martin continues to be a strong cash generator, helping it to take important cash deployment decisions. Lockheed Martin paid dividends of $586 billion in the reported quarter, up from $544 million paid in the first quarter of 2017. The recent expansionary budgetary updates will immensely boost this defense prime's business growth. However, the company faces intense competition for its broad portfolio of products and services in both domestic and international markets.”
LMT has been the subject of a number of other research reports. Vetr downgraded shares of Lockheed Martin from a buy rating to a hold rating and set a $332.40 price target for the company. in a report on Thursday, January 4th. Credit Suisse Group reissued a neutral rating on shares of Lockheed Martin in a research note on Friday, January 19th. Morgan Stanley reissued an overweight rating and issued a $388.00 price objective (up previously from $382.00) on shares of Lockheed Martin in a research note on Friday, February 23rd. Cowen reissued a hold rating and issued a $370.00 price objective on shares of Lockheed Martin in a research note on Tuesday, April 24th. Finally, Royal Bank of Canada set a $348.00 price objective on shares of Lockheed Martin and gave the company a hold rating in a research note on Tuesday, January 23rd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $373.91.
Lockheed Martin (NYSE:LMT) last announced its earnings results on Tuesday, April 24th. The aerospace company reported $4.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.35 by $0.67. Lockheed Martin had a net margin of 4.64% and a return on equity of 608.95%. The firm had revenue of $11.64 billion for the quarter, compared to analyst estimates of $11.25 billion. During the same quarter in the prior year, the business posted $3.00 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. equities analysts expect that Lockheed Martin will post 16.03 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 22nd. Shareholders of record on Friday, June 1st will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.48%. The ex-dividend date is Thursday, May 31st. Lockheed Martin’s dividend payout ratio (DPR) is currently 60.02%.
In other news, insider Richard F. Ambrose sold 7,517 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $357.89, for a total transaction of $2,690,259.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Marillyn A. Hewson sold 19,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $346.74, for a total transaction of $6,588,060.00. Following the sale, the chairman now owns 80,478 shares of the company’s stock, valued at $27,904,941.72. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of LMT. Buckingham Capital Management Inc. acquired a new stake in Lockheed Martin in the third quarter worth $208,000. D.B. Root & Company LLC acquired a new stake in Lockheed Martin in the fourth quarter worth $971,000. Certified Advisory Corp acquired a new stake in Lockheed Martin in the fourth quarter worth $1,362,000. Fairfield Bush & CO. grew its holdings in Lockheed Martin by 34.5% in the fourth quarter. Fairfield Bush & CO. now owns 4,480 shares of the aerospace company’s stock worth $1,438,000 after purchasing an additional 1,150 shares during the period. Finally, Elkfork Partners LLC acquired a new stake in Lockheed Martin in the fourth quarter worth $2,113,000. Institutional investors own 78.49% of the company’s stock.
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. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.
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