Lockheed Martin (NYSE:LMT) Shares Gap Down - Here's What Happened

Lockheed Martin Co. (NYSE:LMT - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $476.90, but opened at $464.15. Lockheed Martin shares last traded at $449.62, with a volume of 963,774 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on LMT. Melius Research lowered shares of Lockheed Martin from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 24th. UBS Group increased their price target on shares of Lockheed Martin from $481.00 to $499.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 23rd. Jefferies Financial Group cut their target price on shares of Lockheed Martin from $510.00 to $500.00 and set a "hold" rating on the stock in a research report on Monday, April 28th. Bank of America lowered shares of Lockheed Martin from a "buy" rating to a "neutral" rating and cut their target price for the company from $685.00 to $485.00 in a research report on Monday, March 24th. Finally, Royal Bank of Canada lowered shares of Lockheed Martin from an "outperform" rating to a "sector perform" rating and cut their price target for the stock from $550.00 to $480.00 in a report on Thursday, March 27th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $541.80.

Lockheed Martin Trading Up 3.5%

The company has a quick ratio of 0.95, a current ratio of 1.13 and a debt-to-equity ratio of 3.10. The stock has a market capitalization of $113.81 billion, a P/E ratio of 21.82, a P/E/G ratio of 2.07 and a beta of 0.29. The firm's 50 day simple moving average is $470.72 and its two-hundred day simple moving average is $470.04.

Lockheed Martin (NYSE:LMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The aerospace company reported $7.28 earnings per share for the quarter, beating the consensus estimate of $6.34 by $0.94. Lockheed Martin had a net margin of 7.51% and a return on equity of 101.47%. The firm had revenue of $17.96 billion during the quarter, compared to the consensus estimate of $17.83 billion. As a group, analysts forecast that Lockheed Martin Co. will post 27.15 earnings per share for the current fiscal year.

Lockheed Martin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 2nd will be given a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Monday, June 2nd. Lockheed Martin's payout ratio is presently 57.02%.

Institutional Investors Weigh In On Lockheed Martin

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kentucky Retirement Systems Insurance Trust Fund increased its position in shares of Lockheed Martin by 51.7% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 9,528 shares of the aerospace company's stock worth $4,630,000 after acquiring an additional 3,247 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Lockheed Martin during the fourth quarter worth about $33,294,000. Private Advisor Group LLC grew its position in Lockheed Martin by 11.0% in the 4th quarter. Private Advisor Group LLC now owns 51,253 shares of the aerospace company's stock worth $24,906,000 after purchasing an additional 5,075 shares in the last quarter. State of Wyoming grew its position in Lockheed Martin by 93.9% in the 4th quarter. State of Wyoming now owns 1,113 shares of the aerospace company's stock worth $541,000 after purchasing an additional 539 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its position in Lockheed Martin by 3.9% in the 4th quarter. Treasurer of the State of North Carolina now owns 102,674 shares of the aerospace company's stock worth $49,893,000 after purchasing an additional 3,809 shares in the last quarter. 74.19% of the stock is owned by institutional investors.

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.