Lockheed Martin (NYSE:LMT) Stock Price Down 2.2% - Here's What Happened

Lockheed Martin Corporation (NYSE:LMT - Get Free Report)'s share price dropped 2.2% on Tuesday . The company traded as low as $459.78 and last traded at $461.91. Approximately 506,986 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,340,868 shares. The stock had previously closed at $472.46.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Melius Research lowered shares of Lockheed Martin from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 24th. Wells Fargo & Company decreased their target price on Lockheed Martin from $476.00 to $432.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen lowered Lockheed Martin from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 3rd. UBS Group raised their price objective on Lockheed Martin from $481.00 to $499.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 23rd. Finally, Morgan Stanley raised Lockheed Martin from an "equal weight" rating to an "overweight" rating and set a $575.00 price objective on the stock in a report on Wednesday, April 16th. Nine research 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $541.80.

Lockheed Martin Trading Up 0.2%

The firm has a market cap of $107.45 billion, a P/E ratio of 19.81, a price-to-earnings-growth ratio of 1.60 and a beta of 0.29. The company has a current ratio of 1.08, a quick ratio of 0.91 and a debt-to-equity ratio of 2.79. The company's fifty day moving average price is $470.90 and its two-hundred day moving average price is $467.16.

Lockheed Martin (NYSE:LMT - Get Free Report) last released its quarterly 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 7.66% and a return on equity of 104.09%. The firm had revenue of $17.96 billion for the quarter, compared to analyst estimates of $17.83 billion. As a group, sell-side analysts predict that Lockheed Martin Corporation will post 27.15 EPS for the current fiscal year.

Lockheed Martin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Tuesday, September 2nd will be given a dividend of $3.30 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $13.20 dividend on an annualized basis and a yield of 2.88%. Lockheed Martin's dividend payout ratio (DPR) is presently 57.02%.

Hedge Funds Weigh In On Lockheed Martin

Several institutional investors have recently bought and sold shares of LMT. TruNorth Capital Management LLC acquired a new position in Lockheed Martin during the 1st quarter worth about $31,000. Millstone Evans Group LLC bought a new position in shares of Lockheed Martin in the fourth quarter worth about $32,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Lockheed Martin during the fourth quarter worth approximately $34,000. Heck Capital Advisors LLC bought a new stake in shares of Lockheed Martin during the fourth quarter valued at approximately $35,000. Finally, Redwood Park Advisors LLC acquired a new stake in shares of Lockheed Martin in the fourth quarter valued at approximately $40,000. Institutional investors own 74.19% of the company's stock.

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.