Bank of Nova Scotia Grows Stock Holdings in Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Bank of Nova Scotia increased its stake in Lockheed Martin by 322.7% during the first quarter, owning approximately 124,082 shares valued at $55.4 million.
• Lockheed Martin reported $7.29 EPS for the last quarter, surpassing estimates, despite revenue of $18.16 billion falling slightly short of expectations.
• The company has announced a $3.30 quarterly dividend, representing a yield of 3.1%, with a payout ratio of 74.32%.

Bank of Nova Scotia lifted its position in shares of Lockheed Martin Corporation (NYSE:LMT - Free Report) by 322.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 124,082 shares of the aerospace company's stock after buying an additional 94,729 shares during the quarter. Bank of Nova Scotia owned approximately 0.05% of Lockheed Martin worth $55,427,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of LMT. TruNorth Capital Management LLC purchased a new stake in Lockheed Martin in the 1st quarter worth $31,000. Heck Capital Advisors LLC purchased a new stake in Lockheed Martin in the 4th quarter worth $35,000. Redwood Park Advisors LLC purchased a new stake in Lockheed Martin in the 4th quarter worth $40,000. Banque Transatlantique SA purchased a new stake in Lockheed Martin in the 4th quarter worth $43,000. Finally, EQ Wealth Advisors LLC purchased a new stake in Lockheed Martin in the 1st quarter worth $43,000. Hedge funds and other institutional investors own 74.19% of the company's stock.

Lockheed Martin Stock Performance

Shares of NYSE:LMT opened at $420.97 on Friday. The company has a market capitalization of $98.28 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 1.48 and a beta of 0.27. Lockheed Martin Corporation has a 12 month low of $410.11 and a 12 month high of $618.95. The firm's 50-day moving average is $460.68 and its 200 day moving average is $460.68. The company has a current ratio of 0.98, a quick ratio of 0.83 and a debt-to-equity ratio of 3.47.

Lockheed Martin (NYSE:LMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The aerospace company reported $7.29 EPS for the quarter, beating the consensus estimate of $6.57 by $0.72. The company had revenue of $18.16 billion for the quarter, compared to the consensus estimate of $18.59 billion. Lockheed Martin had a net margin of 5.85% and a return on equity of 107.60%. The firm's revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.11 EPS. Research analysts predict that Lockheed Martin Corporation will post 27.15 EPS for the current year.

Lockheed Martin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Tuesday, September 2nd will be paid a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, September 2nd. Lockheed Martin's dividend payout ratio is currently 74.32%.

Analyst Upgrades and Downgrades

LMT has been the topic of several research analyst reports. Wall Street Zen cut shares of Lockheed Martin from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Truist Financial cut shares of Lockheed Martin from a "buy" rating to a "hold" rating and decreased their price target for the stock from $554.00 to $440.00 in a research note on Wednesday, July 23rd. Baird R W upgraded shares of Lockheed Martin from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. Vertical Research restated a "hold" rating and set a $460.00 target price on shares of Lockheed Martin in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Lockheed Martin from $476.00 to $432.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Fifteen equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Lockheed Martin presently has a consensus rating of "Hold" and a consensus target price of $506.65.

About Lockheed Martin

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.

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