Lockheed Martin Corporation (NYSE:LMT) Shares Sold by Argent Trust Co

Key Points

• Argent Trust Co has reduced its stake in Lockheed Martin by 1.6%, owning 36,453 shares valued at approximately $16.28 million as of the latest reporting period.
• Lockheed Martin's stock has recently been downgraded by several brokerages, with Truist Financial changing its rating from "buy" to "hold" and lowering the target price from $554 to $440.
• The company declared a quarterly dividend of $3.30 per share to be paid on September 26, representing an annualized dividend of $13.20 with a yield of 3.1%.

Argent Trust Co reduced its stake in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,453 shares of the aerospace company's stock after selling 603 shares during the quarter. Argent Trust Co's holdings in Lockheed Martin were worth $16,284,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. TruNorth Capital Management LLC purchased a new stake in Lockheed Martin during the 1st quarter worth approximately $31,000. Heck Capital Advisors LLC purchased a new stake in Lockheed Martin during the 4th quarter worth approximately $35,000. Redwood Park Advisors LLC purchased a new stake in Lockheed Martin during the 4th quarter worth approximately $40,000. Banque Transatlantique SA purchased a new stake in Lockheed Martin during the 4th quarter worth approximately $43,000. Finally, EQ Wealth Advisors LLC purchased a new stake in Lockheed Martin during the 1st quarter worth approximately $43,000. 74.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on LMT. Truist Financial downgraded shares of Lockheed Martin from a "buy" rating to a "hold" rating and cut their target price for the stock from $554.00 to $440.00 in a research note on Wednesday, July 23rd. Sanford C. Bernstein set a $551.00 target price on shares of Lockheed Martin and gave the stock a "market perform" rating in a research note on Monday, July 14th. UBS Group cut their target price on shares of Lockheed Martin from $498.00 to $453.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 23rd. Cowen downgraded shares of Lockheed Martin from a "buy" rating to a "hold" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen downgraded shares of Lockheed Martin from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Fifteen 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. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $506.65.

Lockheed Martin Trading Down 0.0%

NYSE LMT opened at $420.97 on Friday. 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 firm's fifty day moving average price is $460.68 and its 200 day moving average price is $460.68. The company has a market capitalization of $98.28 billion, a price-to-earnings ratio of 23.70, a price-to-earnings-growth 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.

Lockheed Martin (NYSE:LMT - Get Free Report) last posted 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 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 company's revenue was up .2% on a year-over-year basis. During the same period last year, the firm posted $7.11 EPS. On average, sell-side analysts expect that Lockheed Martin Corporation will post 27.15 earnings per share 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. Investors of record on Tuesday, September 2nd will be paid 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 dividend payout ratio is currently 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.

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