Commerce Bank Sells 17,094 Shares of Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Commerce Bank has reduced its stake in Lockheed Martin by 9.7% in the first quarter, selling 17,094 shares and maintaining ownership of approximately 158,919 shares valued at $70.99 million.
• A recent earnings report showed that Lockheed Martin achieved $7.29 earnings per share, exceeding estimates of $6.57, although its revenue was slightly below expectations at $18.16 billion.
• The company announced a quarterly dividend of $3.30 to be paid on September 26th, representing an annual yield of 3.1% based on a payout ratio of 74.32%.

Commerce Bank cut its holdings in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 9.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 158,919 shares of the aerospace company's stock after selling 17,094 shares during the quarter. Commerce Bank owned 0.07% of Lockheed Martin worth $70,991,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. TruNorth Capital Management LLC acquired a new stake in shares of Lockheed Martin in the first quarter worth approximately $31,000. Heck Capital Advisors LLC acquired a new position in Lockheed Martin during the fourth quarter worth $35,000. Redwood Park Advisors LLC acquired a new position in Lockheed Martin during the fourth quarter worth $40,000. Banque Transatlantique SA acquired a new position in Lockheed Martin during the fourth quarter worth $43,000. Finally, EQ Wealth Advisors LLC acquired a new position in Lockheed Martin during the first quarter worth $43,000. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Lockheed Martin Stock Down 0.0%

Shares of NYSE LMT traded down $0.01 during mid-day trading on Friday, reaching $420.97. The company had a trading volume of 1,871,270 shares, compared to its average volume of 2,065,480. Lockheed Martin Corporation has a twelve month low of $410.11 and a twelve month 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. The stock has a market capitalization of $98.28 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 1.48 and a beta of 0.27. The stock's 50 day moving average is $460.68 and its 200-day moving average is $460.84.

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, topping the consensus estimate 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 business's quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the business posted $7.11 earnings per share. As a group, equities analysts anticipate that Lockheed Martin Corporation will post 27.15 earnings per share for the current fiscal year.

Lockheed Martin Dividend Announcement

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

Wall Street Analyst Weigh In

LMT has been the topic of a number of recent research reports. 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 research note on Wednesday, April 16th. TD Cowen reissued a "hold" rating and set a $480.00 price objective (down previously from $500.00) on shares of Lockheed Martin in a research note on Thursday, July 10th. Truist Financial lowered Lockheed Martin from a "buy" rating to a "hold" rating and decreased their price target for the company from $554.00 to $440.00 in a research note on Wednesday, July 23rd. Robert W. Baird decreased their price target on Lockheed Martin from $540.00 to $500.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. Finally, Jefferies Financial Group decreased their price target on Lockheed Martin from $510.00 to $500.00 and set a "hold" rating on the stock in a research note on Monday, April 28th. Fifteen investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $506.65.

Lockheed Martin 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.