Cordatus Wealth Management LLC has significantly reduced its holdings in Lockheed Martin Corporation, selling 3,989 shares, which amounts to an 88.9% decrease during the third quarter of 2023. Following this sale, the firm now holds only 498 shares of the aerospace giant, valued at approximately $249,000. This information was disclosed in a recent filing with the Securities and Exchange Commission (SEC).
Several institutional investors have also made notable adjustments to their positions in Lockheed Martin. For example, Tableaux LLC increased its stake by an astonishing 34,231.4% during the second quarter, acquiring an additional 621,300 shares and bringing its total ownership to 623,115 shares, valued at $288.59 million. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings by 169.3%, now holding 572,272 shares worth $265.03 million. Vanguard Group Inc. also added to its position, increasing its holdings by 1.0% to a total of 21,697,527 shares, with a market value exceeding $10 billion.
As of now, institutional investors and hedge funds collectively own 74.19% of Lockheed Martin’s stock.
Lockheed Martin’s Financial Performance
Lockheed Martin’s stock opened at $511.55 on Tuesday, reflecting a steady performance. The company’s shares have fluctuated between a one-year low of $410.11 and a high of $516.00. With a market capitalization of $118.37 billion, Lockheed Martin reported earnings of $6.95 per share for the quarter ending on October 21, 2023, surpassing analysts’ expectations of $6.33 by $0.62. Revenue for the quarter reached $18.61 billion, exceeding forecasts of $18.45 billion, and reflecting an 8.8% increase year-over-year.
Lockheed Martin has set a guidance for the fiscal year 2025, anticipating earnings per share between $22.150 and $22.350. Analysts predict the company will achieve an average of $27.15 earnings per share for the current fiscal year.
Dividend Increase and Analyst Ratings
In a positive development for investors, Lockheed Martin recently declared a quarterly dividend of $3.45 per share, an increase from the previous dividend of $3.30. This dividend will be paid to shareholders on December 30, 2023, with an annualized dividend total of $13.80 and a yield of 2.7%. The company’s current dividend payout ratio stands at 77.05%.
Recent evaluations from financial analysts reveal mixed sentiments regarding Lockheed Martin’s stock. Weiss Ratings maintained a “hold (c)” rating on the shares. Meanwhile, JPMorgan Chase & Co. upgraded its price target from $465.00 to $515.00, reflecting a neutral outlook. Other ratings include a decrease from UBS Group, which adjusted its target from $514.00 to $513.00, and Truist Financial, which raised its target from $440.00 to $500.00. Notably, Susquehanna increased its target from $490.00 to $590.00, giving the stock a positive rating.
Currently, two analysts have rated Lockheed Martin as a Strong Buy, four have a Buy rating, while seventeen analysts recommend a Hold, and one has issued a Sell rating. The consensus rating is classified as “Hold,” with a target price of $506.18.
In other news, Lockheed Martin’s Chief Operating Officer, John Frank A. St, sold 7,792 shares on October 23, 2023, at an average price of $491.04, totaling approximately $3.83 million. Following the sale, he retained a single share in the company.
Lockheed Martin Corporation is a prominent player in the aerospace and defense sector, headquartered in Bethesda, Maryland. The company specializes in designing and manufacturing advanced technology systems for both governmental and commercial clients. Its extensive product portfolio includes military aircraft, missile systems, space systems, and satellite technologies, with primary customers such as the U.S. Department of Defense and NASA.
