Parsons Capital Management Inc. RI Cuts Stock Position in Lockheed Martin Co. (NYSE:LMT)

Parsons Capital Management Inc. RI reduced its position in shares of Lockheed Martin Co. (NYSE:LMT - Free Report) by 21.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,538 shares of the aerospace company's stock after selling 2,022 shares during the period. Parsons Capital Management Inc. RI's holdings in Lockheed Martin were worth $3,367,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. First National Bank of Mount Dora Trust Investment Services boosted its stake in shares of Lockheed Martin by 13.9% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 7,947 shares of the aerospace company's stock worth $3,550,000 after acquiring an additional 972 shares during the last quarter. Sonora Investment Management Group LLC raised its stake in Lockheed Martin by 3.6% in the 1st quarter. Sonora Investment Management Group LLC now owns 40,287 shares of the aerospace company's stock valued at $17,997,000 after purchasing an additional 1,385 shares during the last quarter. Accurate Wealth Management LLC lifted its holdings in Lockheed Martin by 2.3% in the 1st quarter. Accurate Wealth Management LLC now owns 1,780 shares of the aerospace company's stock valued at $845,000 after purchasing an additional 40 shares in the last quarter. Simplicity Wealth LLC boosted its stake in Lockheed Martin by 239.9% during the 1st quarter. Simplicity Wealth LLC now owns 5,108 shares of the aerospace company's stock worth $2,282,000 after purchasing an additional 3,605 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC boosted its stake in Lockheed Martin by 3.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,833 shares of the aerospace company's stock worth $4,839,000 after purchasing an additional 314 shares during the last quarter. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LMT shares. Bank of America cut shares of Lockheed Martin from a "buy" rating to a "neutral" rating and reduced their target price for the company from $685.00 to $485.00 in a research report on Monday, March 24th. Robert W. Baird raised shares of Lockheed Martin from a "neutral" rating to an "outperform" rating and set a $540.00 price objective for the company in a research note on Wednesday, April 23rd. Wall Street Zen downgraded shares of Lockheed Martin from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 3rd. Melius Research cut Lockheed Martin from a "strong-buy" rating to a "hold" rating in a report on Monday, March 24th. Finally, Jefferies Financial Group dropped their price target on Lockheed Martin from $510.00 to $500.00 and set a "hold" rating for the company in a research report on Monday, April 28th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $541.80.

Lockheed Martin Trading Down 5.4%

LMT traded down $25.68 during trading hours on Wednesday, reaching $451.22. The company's stock had a trading volume of 1,684,224 shares, compared to its average volume of 1,302,554. The business's 50-day moving average is $468.58 and its 200-day moving average is $471.13. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.13 and a quick ratio of 0.95. The stock has a market cap of $105.72 billion, a PE ratio of 20.24, a P/E/G ratio of 2.07 and a beta of 0.29. Lockheed Martin Co. has a fifty-two week low of $418.88 and a fifty-two week high of $618.95.

Lockheed Martin (NYSE:LMT - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The aerospace company reported $7.28 EPS for the quarter, beating analysts' consensus estimates of $6.34 by $0.94. Lockheed Martin had a net margin of 7.51% and a return on equity of 101.47%. The company had revenue of $17.96 billion for the quarter, compared to analysts' expectations of $17.83 billion. As a group, equities research analysts predict that Lockheed Martin Co. will post 27.15 earnings per share for the current fiscal year.

Lockheed Martin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 2nd will be given a dividend of $3.30 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $13.20 dividend on an annualized basis and a dividend yield of 2.93%. Lockheed Martin's payout ratio is currently 57.02%.

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.