RNC Capital Management LLC Cuts Stock Position in Lockheed Martin Corporation $LMT

Key Points

• RNC Capital Management LLC decreased its position in Lockheed Martin by 1.1%, selling 989 shares and now holding 88,458 shares valued at approximately $39.5 million.
• Other investors, such as GAMMA Investing LLC, increased their stakes significantly, with GAMMA's position in Lockheed Martin rising by nearly 41,105% in the first quarter.
• Lockheed Martin's recent quarterly earnings exceeded expectations, reporting $7.29 earnings per share against a consensus estimate of $6.57, while the company also announced a quarterly dividend of $3.30 per share.

RNC Capital Management LLC cut its holdings in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 1.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,458 shares of the aerospace company's stock after selling 989 shares during the quarter. Lockheed Martin accounts for 2.0% of RNC Capital Management LLC's investment portfolio, making the stock its 26th largest position. RNC Capital Management LLC's holdings in Lockheed Martin were worth $39,515,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in LMT. GAMMA Investing LLC increased its position in shares of Lockheed Martin by 41,104.9% in the first quarter. GAMMA Investing LLC now owns 1,991,433 shares of the aerospace company's stock valued at $889,593,000 after buying an additional 1,986,600 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in shares of Lockheed Martin in the fourth quarter valued at approximately $451,985,000. Charles Schwab Investment Management Inc. increased its position in shares of Lockheed Martin by 7.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 8,031,528 shares of the aerospace company's stock valued at $3,587,444,000 after buying an additional 560,457 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Lockheed Martin in the first quarter valued at approximately $221,790,000. Finally, AQR Capital Management LLC raised its holdings in shares of Lockheed Martin by 76.7% during the first quarter. AQR Capital Management LLC now owns 808,232 shares of the aerospace company's stock valued at $361,045,000 after acquiring an additional 350,796 shares during the last quarter. 74.19% of the stock is currently owned by hedge funds and other institutional investors.

Lockheed Martin Stock Performance

NYSE LMT opened at $463.68 on Monday. The company has a market cap of $108.25 billion, a P/E ratio of 26.11, a P/E/G ratio of 1.63 and a beta of 0.26. The company has a debt-to-equity ratio of 3.47, a current ratio of 0.98 and a quick ratio of 0.83. The stock has a 50-day moving average of $446.34 and a two-hundred day moving average of $457.69. Lockheed Martin Corporation has a 1-year low of $410.11 and a 1-year high of $618.95.

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 for the quarter, topping 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 company had revenue of $18.16 billion for the quarter, compared to the consensus estimate of $18.59 billion. During the same quarter in the prior year, the business earned $7.11 EPS. Lockheed Martin's revenue was up .2% on a year-over-year basis. Lockheed Martin has set its FY 2025 guidance at 21.700-22.000 EPS. As a group, analysts anticipate that Lockheed Martin Corporation will post 27.15 EPS for the current year.

Lockheed Martin Announces Dividend

The company 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 dividend of $3.30 per share. This represents a $13.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 2nd. Lockheed Martin's dividend payout ratio is presently 74.32%.

Analysts Set New Price Targets

LMT has been the subject of a number of research analyst reports. Truist Financial cut Lockheed Martin from a "buy" rating to a "hold" rating and reduced their target price for the company from $554.00 to $440.00 in a report on Wednesday, July 23rd. Cowen lowered shares of Lockheed Martin from a "buy" rating to a "hold" rating in a research note on Thursday, July 10th. Robert W. Baird decreased their target price 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. Susquehanna cut their target price on Lockheed Martin from $550.00 to $490.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Finally, Vertical Research reissued a "hold" rating and set a $460.00 target price on shares of Lockheed Martin in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $494.00.

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.

Want to see what other hedge funds are holding LMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lockheed Martin Corporation (NYSE:LMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.