Westchester Capital Management Inc. Buys 1,005 Shares of Lockheed Martin Corporation (NYSE:LMT)

Key Points

• Westchester Capital Management Inc. increased its stake in Lockheed Martin by 3.2% during the first quarter, owning 32,019 shares valued at approximately $14.3 million.
• Lockheed Martin reported $7.29 earnings per share (EPS) for the last quarter, surpassing analysts' expectations, alongside a revenue of $18.16 billion.
• The company will pay a quarterly dividend of $3.30 on September 26th, with an annual yield of 3.1% based on a payout ratio of 74.32%.

Westchester Capital Management Inc. raised its stake in Lockheed Martin Corporation (NYSE:LMT - Free Report) by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,019 shares of the aerospace company's stock after acquiring an additional 1,005 shares during the quarter. Lockheed Martin comprises approximately 3.6% of Westchester Capital Management Inc.'s investment portfolio, making the stock its 14th biggest holding. Westchester Capital Management Inc.'s holdings in Lockheed Martin were worth $14,303,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC acquired a new stake in Lockheed Martin in the 1st quarter valued at about $31,000. Heck Capital Advisors LLC acquired a new stake in shares of Lockheed Martin during the 4th quarter worth approximately $35,000. Redwood Park Advisors LLC acquired a new stake in shares of Lockheed Martin during the 4th quarter worth approximately $40,000. Banque Transatlantique SA bought a new stake in shares of Lockheed Martin during the fourth quarter worth approximately $43,000. Finally, EQ Wealth Advisors LLC acquired a new position in Lockheed Martin in the first quarter valued at approximately $43,000. Institutional investors and hedge funds own 74.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen lowered shares of Lockheed Martin from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Jefferies Financial Group lowered their target price on shares of Lockheed Martin from $510.00 to $500.00 and set a "hold" rating for the company in a report on Monday, April 28th. Baird R W raised shares of Lockheed Martin from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Sanford C. Bernstein set a $551.00 target price on shares of Lockheed Martin and gave the stock a "market perform" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company lowered their target price on shares of Lockheed Martin from $476.00 to $432.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Fifteen 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $506.65.

Lockheed Martin Trading Down 0.0%

LMT opened at $420.97 on Friday. The company's 50 day moving average is $460.68 and its 200-day moving average is $460.84. Lockheed Martin Corporation has a 1-year low of $410.11 and a 1-year high of $618.95. The company has a current ratio of 0.98, a quick ratio of 0.83 and a debt-to-equity ratio of 3.47. The company has a market cap of $98.28 billion, a P/E ratio of 23.70, a PEG ratio of 1.48 and a beta of 0.27.

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

Lockheed Martin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Tuesday, September 2nd will be issued a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, September 2nd. Lockheed Martin's dividend payout ratio (DPR) is 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.

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.