ProVise Management Group LLC Has $1.30 Million Stock Holdings in Lockheed Martin Corporation (NYSE:LMT)

Key Points

• ProVise Management Group LLC significantly reduced its stake in Lockheed Martin by 77.2%, owning $1.30 million worth of shares after selling approximately 9,839 shares.
• Lockheed Martin reported $7.29 EPS for the last quarter, surpassing the consensus estimate of $6.57, with revenues totaling $18.16 billion.
• The company declared a quarterly dividend of $3.30, yielding 3.1%, with a payout ratio of 74.32%.

ProVise Management Group LLC reduced its stake in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 77.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,907 shares of the aerospace company's stock after selling 9,839 shares during the period. ProVise Management Group LLC's holdings in Lockheed Martin were worth $1,299,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

LMT has been the topic of a number of recent analyst reports. Robert W. Baird cut their price target on shares of Lockheed Martin from $540.00 to $500.00 and set an "outperform" rating on the stock in a report on Wednesday, July 23rd. Truist Financial lowered shares of Lockheed Martin from a "buy" rating to a "hold" rating and cut their price target for the company from $554.00 to $440.00 in a report on Wednesday, July 23rd. TD Cowen restated a "hold" rating and set a $480.00 price target (down previously from $500.00) on shares of Lockheed Martin in a report on Thursday, July 10th. Sanford C. Bernstein set a $551.00 price target on shares of Lockheed Martin and gave the company a "market perform" rating in a report on Monday, July 14th. Finally, Morgan Stanley upgraded shares of Lockheed Martin from an "equal weight" rating to an "overweight" rating and set a $575.00 price target on the stock in a report on Wednesday, April 16th. Fifteen equities research 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 stock. According to data from MarketBeat, Lockheed Martin currently has an average rating of "Hold" and an average price target of $506.65.

Lockheed Martin Stock Performance

NYSE:LMT traded up $2.89 during trading hours on Monday, hitting $423.90. 1,547,249 shares of the company traded hands, compared to its average volume of 1,685,385. The stock has a market capitalization of $98.96 billion, a price-to-earnings ratio of 23.87, a P/E/G ratio of 1.48 and a beta of 0.27. Lockheed Martin Corporation has a twelve month low of $410.11 and a twelve month high of $618.95. The firm has a 50-day moving average of $460.68 and a 200 day moving average of $460.50. The company has a current ratio of 0.98, a quick ratio of 0.83 and a debt-to-equity ratio of 3.47.

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 the consensus estimate of $6.57 by $0.72. The firm had revenue of $18.16 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company earned $7.11 EPS. On average, analysts forecast that Lockheed Martin Corporation will post 27.15 EPS for the current year.

Lockheed Martin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Tuesday, September 2nd will be paid a $3.30 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.1%. 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.