Cornerstone Advisors LLC Sells 4,500 Shares of Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Cornerstone Advisors LLC reduced its stake in Lockheed Martin by 27.6%, selling 4,500 shares and holding a total of 11,800 shares valued at $5.27 million as of the latest reporting period.
• Lockheed Martin's quarterly earnings showed an EPS of $7.29, exceeding the consensus estimate, while the company's revenue for the quarter was $18.16 billion, slightly below analyst expectations.
• The company declared a quarterly dividend of $3.30, with a dividend yield of 3.1%, to be paid on September 26th to shareholders on record by September 2nd.

Cornerstone Advisors LLC trimmed its stake in shares of Lockheed Martin Corporation (NYSE:LMT - Free Report) by 27.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,800 shares of the aerospace company's stock after selling 4,500 shares during the period. Cornerstone Advisors LLC's holdings in Lockheed Martin were worth $5,271,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Northern Trust Corp increased its stake in shares of Lockheed Martin by 6.3% during the 4th quarter. Northern Trust Corp now owns 2,260,910 shares of the aerospace company's stock worth $1,098,667,000 after purchasing an additional 134,662 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Lockheed Martin by 41,104.9% during the 1st quarter. GAMMA Investing LLC now owns 1,991,433 shares of the aerospace company's stock worth $889,593,000 after purchasing an additional 1,986,600 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lockheed Martin by 5.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,274,580 shares of the aerospace company's stock worth $619,369,000 after purchasing an additional 70,516 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Lockheed Martin by 0.8% during the 4th quarter. Stifel Financial Corp now owns 1,221,014 shares of the aerospace company's stock worth $593,429,000 after purchasing an additional 9,198 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Lockheed Martin by 4.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,161,687 shares of the aerospace company's stock worth $518,937,000 after purchasing an additional 51,522 shares during the last quarter. 74.19% of the stock is currently owned by institutional investors and hedge funds.

Lockheed Martin Price Performance

Shares of NYSE:LMT traded down $3.74 during midday trading on Thursday, hitting $431.11. The stock had a trading volume of 1,489,595 shares, compared to its average volume of 2,259,029. The company's 50-day moving average price is $457.25 and its 200-day moving average price is $459.23. The company has a market capitalization of $100.65 billion, a P/E ratio of 24.27, a price-to-earnings-growth ratio of 1.52 and a beta of 0.27. The company has a quick ratio of 0.83, a current ratio of 0.98 and a debt-to-equity ratio of 3.47. Lockheed Martin Corporation has a fifty-two week low of $410.11 and a fifty-two week high of $618.95.

Lockheed Martin (NYSE:LMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The aerospace company reported $7.29 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $18.59 billion. During the same period in the prior year, the firm posted $7.11 EPS. The company's quarterly revenue was up .2% on a year-over-year basis. As a group, equities research analysts predict that Lockheed Martin Corporation will post 27.15 EPS for the current fiscal year.

Lockheed Martin Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Vertical Research restated a "hold" rating and set a $460.00 price objective on shares of Lockheed Martin in a research note on Tuesday, July 22nd. Sanford C. Bernstein set a $551.00 target price on shares of Lockheed Martin and gave the stock a "market perform" rating in a report on Monday, July 14th. TD Cowen reaffirmed a "hold" rating and set a $480.00 target price (down previously from $500.00) on shares of Lockheed Martin in a report on Thursday, July 10th. Robert W. Baird reduced their target price on shares of Lockheed Martin from $540.00 to $500.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. Finally, Baird R W raised shares of Lockheed Martin from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Fifteen investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Lockheed Martin has an average rating of "Hold" and a consensus target price of $506.65.

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.