ARK Investment Management LLC Has $2.56 Million Stake in Lockheed Martin Corporation (NYSE:LMT)

Key Points

• ARK Investment Management LLC has significantly reduced its holdings in Lockheed Martin, decreasing its stake by 74.0% to just 5,721 shares after selling 16,292 shares during the first quarter.
• Lockheed Martin recently reported earnings of $7.29 per share, exceeding analyst expectations, but its revenue of $18.16 billion fell short of the consensus estimate of $18.59 billion.
• The company announced a quarterly dividend of $3.30 per share, reflecting a 3.13% yield for investors, with a payout ratio of 74.32%.

ARK Investment Management LLC lessened its stake in shares of Lockheed Martin Corporation (NYSE:LMT - Free Report) by 74.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 5,721 shares of the aerospace company's stock after selling 16,292 shares during the quarter. ARK Investment Management LLC's holdings in Lockheed Martin were worth $2,556,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. TruNorth Capital Management LLC purchased a new stake in Lockheed Martin in the first quarter worth $31,000. Heck Capital Advisors LLC purchased a new position in shares of Lockheed Martin during the 4th quarter worth approximately $35,000. Redwood Park Advisors LLC acquired a new stake in Lockheed Martin during the 4th quarter valued at $40,000. Banque Transatlantique SA acquired a new position in Lockheed Martin in the fourth quarter valued at $43,000. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Lockheed Martin during the first quarter worth about $43,000. 74.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LMT has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on Lockheed Martin from $476.00 to $432.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. TD Cowen reaffirmed a "hold" rating and issued a $480.00 price objective (down from $500.00) on shares of Lockheed Martin in a research note on Thursday, July 10th. Sanford C. Bernstein set a $551.00 price target on shares of Lockheed Martin and gave the company a "market perform" rating in a research note on Monday, July 14th. Susquehanna cut their price objective on shares of Lockheed Martin from $550.00 to $490.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Finally, UBS Group decreased their price target on shares of Lockheed Martin from $498.00 to $453.00 and set a "neutral" rating for the company in a research report on Wednesday, July 23rd. Fifteen investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Lockheed Martin currently has a consensus rating of "Hold" and an average price target of $506.65.

Lockheed Martin Trading Up 0.3%

Lockheed Martin stock traded up $1.18 during trading on Wednesday, hitting $421.31. The company's stock had a trading volume of 564,167 shares, compared to its average volume of 1,672,985. The stock has a market capitalization of $98.36 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 1.48 and a beta of 0.28. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.83 and a current ratio of 0.98. The stock's fifty day moving average is $463.66 and its 200 day moving average is $462.00. Lockheed Martin Corporation has a 1-year low of $410.11 and a 1-year high of $618.95.

Lockheed Martin (NYSE:LMT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The aerospace company reported $7.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.57 by $0.72. Lockheed Martin had a return on equity of 107.60% and a net margin of 5.85%. The business had revenue of $18.16 billion during the quarter, compared to analyst estimates of $18.59 billion. During the same period last year, the company earned $7.11 earnings per share. Lockheed Martin's quarterly revenue was up .2% compared to the same quarter last year. As a group, equities research analysts predict that Lockheed Martin Corporation will post 27.15 EPS for the current year.

Lockheed Martin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Tuesday, September 2nd will be issued a $3.30 dividend. This represents a $13.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Tuesday, September 2nd. Lockheed Martin's dividend payout ratio (DPR) is 74.32%.

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.