Raymond James Financial Inc. Sells 68,454 Shares of Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Raymond James Financial Inc. reduced its stake in Lockheed Martin by 10.3%, selling 68,454 shares and holding 599,199 shares worth approximately $267.67 million at the end of the last quarter.
• Lockheed Martin reported earnings per share of $7.29 for the last quarter, surpassing estimates by $0.72, with revenue of $18.16 billion, slightly below analyst expectations.
• The company declared a quarterly dividend of $3.30 per share, with a distribution date set for September 26, representing a 3.0% dividend yield.

Raymond James Financial Inc. cut its position in shares of Lockheed Martin Corporation (NYSE:LMT - Free Report) by 10.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 599,199 shares of the aerospace company's stock after selling 68,454 shares during the period. Raymond James Financial Inc. owned about 0.26% of Lockheed Martin worth $267,668,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of LMT. TruNorth Capital Management LLC acquired a new stake in Lockheed Martin in the 1st quarter valued at $31,000. Heck Capital Advisors LLC acquired a new stake in Lockheed Martin in the 4th quarter valued at $35,000. Banque Transatlantique SA acquired a new stake in Lockheed Martin in the 4th quarter valued at $43,000. EQ Wealth Advisors LLC acquired a new stake in Lockheed Martin in the 1st quarter valued at $43,000. Finally, Ritter Daniher Financial Advisory LLC DE acquired a new stake in Lockheed Martin in the 1st quarter valued at $45,000. 74.19% of the stock is currently owned by institutional investors.

Lockheed Martin Price Performance

Lockheed Martin stock opened at $437.78 on Friday. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.83 and a current ratio of 0.98. Lockheed Martin Corporation has a 52 week low of $410.11 and a 52 week high of $618.95. The firm has a market cap of $102.20 billion, a P/E ratio of 24.65, a P/E/G ratio of 1.54 and a beta of 0.27. The business's fifty day moving average is $451.63 and its two-hundred day moving average is $456.76.

Lockheed Martin (NYSE:LMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The aerospace company reported $7.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.57 by $0.72. Lockheed Martin had a return on equity of 107.60% and a net margin of 5.85%. The business had revenue of $18.16 billion for the quarter, compared to analyst estimates of $18.59 billion. During the same quarter in the prior year, the firm posted $7.11 earnings per share. The firm's revenue for the quarter was up .2% compared to the same quarter last year. Equities research analysts forecast that Lockheed Martin Corporation will post 27.15 earnings per share for the current fiscal year.

Lockheed Martin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Lockheed Martin's dividend payout ratio is 74.32%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. 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. Vertical Research reaffirmed a "hold" rating and issued a $460.00 price target on shares of Lockheed Martin in a research note on Tuesday, July 22nd. Baird R W raised Lockheed Martin from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price target on Lockheed Martin from $520.00 to $465.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Finally, Cowen lowered Lockheed Martin from a "buy" rating to a "hold" rating in a research note on Thursday, July 10th. Fifteen equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Lockheed Martin currently has a consensus rating of "Hold" and a consensus price target of $506.65.

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.

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