Connor Clark & Lunn Investment Management Ltd. Grows Position in Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Lockheed Martin Corporation by 208.5% during Q1, owning 67,729 shares worth approximately $30.3 million.
• Lockheed Martin reported an EPS of $7.29 for the last quarter, surpassing estimates of $6.57, although revenue was slightly below expectations at $18.16 billion.
• The company declared a quarterly dividend of $3.30 per share, with a dividend yield of 3.1%, payable on September 26th to shareholders of record on September 2nd.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 208.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,729 shares of the aerospace company's stock after buying an additional 45,778 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Lockheed Martin were worth $30,255,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. TruNorth Capital Management LLC purchased a new stake in shares of Lockheed Martin in the 1st quarter valued at approximately $31,000. Heck Capital Advisors LLC purchased a new stake in shares of Lockheed Martin in the 4th quarter valued at approximately $35,000. Banque Transatlantique SA acquired a new stake in Lockheed Martin during the 4th quarter worth $43,000. EQ Wealth Advisors LLC acquired a new stake in Lockheed Martin during the 1st quarter worth $43,000. Finally, Ritter Daniher Financial Advisory LLC DE acquired a new position in Lockheed Martin in the first quarter valued at $45,000. 74.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LMT has been the topic of several research reports. Truist Financial lowered Lockheed Martin from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $554.00 to $440.00 in a report on Wednesday, July 23rd. Susquehanna dropped their price objective on Lockheed Martin from $550.00 to $490.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Morgan Stanley raised Lockheed Martin from an "equal weight" rating to an "overweight" rating and set a $575.00 price objective on the stock in a report on Wednesday, April 16th. Robert W. Baird dropped their price objective on Lockheed Martin from $540.00 to $500.00 and set an "outperform" rating on the stock in a report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Lockheed Martin from $520.00 to $465.00 and set an "overweight" rating on the stock in a 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 given a strong buy rating to the company's stock. According to MarketBeat.com, Lockheed Martin presently has a consensus rating of "Hold" and a consensus price target of $506.65.

Lockheed Martin Stock Performance

Shares of LMT stock traded up $4.94 during mid-day trading on Tuesday, hitting $431.20. The stock had a trading volume of 1,491,835 shares, compared to its average volume of 1,682,009. Lockheed Martin Corporation has a fifty-two week low of $410.11 and a fifty-two week high of $618.95. The firm has a market cap of $100.67 billion, a PE ratio of 24.28, a PEG ratio of 1.49 and a beta of 0.27. The company has a debt-to-equity ratio of 3.47, a current ratio of 0.98 and a quick ratio of 0.83. The company's 50-day simple moving average is $455.09 and its 200-day simple moving average is $457.62.

Lockheed Martin (NYSE:LMT - Get Free Report) last released its earnings results on Tuesday, July 22nd. The aerospace company reported $7.29 EPS for the quarter, topping the consensus estimate of $6.57 by $0.72. Lockheed Martin had a net margin of 5.85% and a return on equity of 107.60%. The company had revenue of $18.16 billion during the quarter, compared to analysts' expectations of $18.59 billion. During the same quarter last year, the business earned $7.11 EPS. The business's revenue was up .2% on a year-over-year basis. Sell-side analysts anticipate that Lockheed Martin Corporation will post 27.15 earnings per share for the current year.

Lockheed Martin Announces Dividend

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

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.