Palumbo Wealth Management LLC Buys 2,029 Shares of Lockheed Martin Corporation $LMT

Key Points

• Palumbo Wealth Management LLC significantly increased its stake in Lockheed Martin Corporation by 300.1% in Q2, acquiring an additional 2,029 shares, bringing its total holdings to 2,705 shares valued at $1.25 million.
• Hedge funds remain active around Lockheed Martin, with several firms, including TruNorth Capital Management and Ritter Daniher Financial Advisory, recently purchasing new stakes.
• On July 22, Lockheed Martin reported earnings of $7.29 per share, exceeding estimates, with a total revenue of $18.16 billion for the quarter.

Palumbo Wealth Management LLC increased its stake in shares of Lockheed Martin Corporation (NYSE:LMT - Free Report) by 300.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,705 shares of the aerospace company's stock after purchasing an additional 2,029 shares during the period. Palumbo Wealth Management LLC's holdings in Lockheed Martin were worth $1,253,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC bought a new stake in Lockheed Martin in the first quarter valued at approximately $31,000. Heck Capital Advisors LLC bought a new stake in shares of Lockheed Martin in the 4th quarter valued at $35,000. EQ Wealth Advisors LLC acquired a new stake in Lockheed Martin during the 1st quarter worth $43,000. Ritter Daniher Financial Advisory LLC DE acquired a new stake in Lockheed Martin during the 1st quarter worth $45,000. Finally, McIlrath & Eck LLC lifted its holdings in Lockheed Martin by 161.0% during the first quarter. McIlrath & Eck LLC now owns 107 shares of the aerospace company's stock worth $48,000 after acquiring an additional 66 shares in the last quarter. Institutional investors and hedge funds own 74.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. UBS Group dropped their price target on Lockheed Martin from $498.00 to $453.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 23rd. Royal Bank Of Canada dropped their target price on shares of Lockheed Martin from $480.00 to $440.00 and set a "sector perform" rating on the stock in a report on Wednesday, July 23rd. JPMorgan Chase & Co. cut their price target on shares of Lockheed Martin from $520.00 to $465.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Bank of America lowered their price objective on shares of Lockheed Martin from $495.00 to $480.00 and set a "neutral" rating for the company in a research report on Thursday, August 21st. Finally, Vertical Research reaffirmed a "hold" rating and issued a $460.00 price objective on shares of Lockheed Martin in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $494.00.

Lockheed Martin Price Performance

NYSE LMT opened at $486.23 on Thursday. The firm's 50 day moving average is $447.91 and its 200-day moving average is $459.49. The company has a quick ratio of 0.83, a current ratio of 0.98 and a debt-to-equity ratio of 3.47. The company has a market capitalization of $113.52 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 1.71 and a beta of 0.26. 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 released its earnings results on Tuesday, July 22nd. The aerospace company reported $7.29 earnings per share 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 business had revenue of $18.16 billion during the quarter, compared to the consensus estimate of $18.59 billion. During the same quarter last year, the firm earned $7.11 earnings per share. The firm's revenue for the quarter was up .2% compared to the same quarter last year. Lockheed Martin has set its FY 2025 guidance at 21.700-22.000 EPS. Equities research analysts anticipate that Lockheed Martin Corporation will post 27.15 earnings per share for the current fiscal year.

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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