Cresset Asset Management LLC Lowers Holdings in Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Cresset Asset Management LLC has reduced its holdings in Lockheed Martin by 3.3%, now owning 31,130 shares valued at approximately $13.9 million.
• A number of analysts have lowered their target prices for Lockheed Martin, with JPMorgan reducing it from $520 to $465, and Truist Financial downgrading their rating from "buy" to "hold."
• Lockheed Martin recently reported earnings of $7.29 per share, surpassing expectations, and announced a quarterly dividend of $3.30 per share, reflecting a 3.0% yield.

Cresset Asset Management LLC trimmed its holdings in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,130 shares of the aerospace company's stock after selling 1,056 shares during the period. Cresset Asset Management LLC's holdings in Lockheed Martin were worth $13,906,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. TruNorth Capital Management LLC purchased a new position in shares of Lockheed Martin in the first quarter valued at about $31,000. Heck Capital Advisors LLC purchased a new stake in shares of Lockheed Martin in the fourth quarter worth about $35,000. Banque Transatlantique SA purchased a new stake in shares of Lockheed Martin in the fourth quarter worth about $43,000. EQ Wealth Advisors LLC purchased a new stake in shares of Lockheed Martin in the first quarter worth about $43,000. Finally, Ritter Daniher Financial Advisory LLC DE purchased a new stake in shares of Lockheed Martin in the first quarter worth about $45,000. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their target price on Lockheed Martin from $520.00 to $465.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Truist Financial downgraded Lockheed Martin from a "buy" rating to a "hold" rating and decreased their target price for the stock from $554.00 to $440.00 in a research report on Wednesday, July 23rd. TD Cowen reiterated a "hold" rating and issued a $480.00 target price (down from $500.00) on shares of Lockheed Martin in a research report on Thursday, July 10th. Royal Bank Of Canada decreased their target price on Lockheed Martin from $480.00 to $440.00 and set a "sector perform" rating on the stock in a research report on Wednesday, July 23rd. Finally, Sanford C. Bernstein set a $551.00 target price on Lockheed Martin and gave the stock a "market perform" rating in a research report on Monday, July 14th. Fifteen equities research 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 company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $506.65.

Lockheed Martin Trading Up 0.1%

LMT opened at $437.78 on Friday. The stock has a market cap of $102.20 billion, a price-to-earnings ratio of 24.65, a P/E/G ratio of 1.54 and a beta of 0.27. The stock's 50 day moving average price is $451.63 and its 200-day moving average price is $456.76. Lockheed Martin Corporation has a one year low of $410.11 and a one year high of $618.95. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.83 and a current ratio of 0.98.

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, beating analysts' consensus estimates of $6.57 by $0.72. The firm had revenue of $18.16 billion for the quarter, compared to analysts' expectations of $18.59 billion. Lockheed Martin had a return on equity of 107.60% and a net margin of 5.85%. The company's quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.11 earnings per share. On average, equities analysts forecast that Lockheed Martin Corporation will post 27.15 EPS for the current year.

Lockheed Martin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.0%. Lockheed Martin's dividend payout ratio is currently 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.

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