Lockheed Martin (NYSE:LMT) Hits New 52-Week High After Dividend Announcement

Lockheed Martin Co. (NYSE:LMT) shares hit a new 52-week high on Friday after the company announced a dividend. The company traded as high as $363.70 and last traded at $363.52, with a volume of 665710 shares changing hands. The stock had previously closed at $359.09.

The newly announced dividend which will be paid on Friday, September 27th. Investors of record on Tuesday, September 3rd will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 2.42%. Lockheed Martin’s payout ratio is currently 49.30%.

A number of equities analysts recently commented on LMT shares. Zacks Investment Research upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating and set a $373.00 target price for the company in a research note on Thursday, April 25th. Morgan Stanley boosted their target price on shares of Lockheed Martin from $324.00 to $356.00 and gave the stock an “equal weight” rating in a research note on Friday, June 14th. UBS Group boosted their target price on shares of Lockheed Martin from $365.00 to $385.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Robert W. Baird boosted their target price on shares of Lockheed Martin from $326.00 to $371.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Finally, Cowen reiterated a “buy” rating and set a $360.00 target price on shares of Lockheed Martin in a research note on Wednesday, April 24th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Lockheed Martin has a consensus rating of “Buy” and a consensus target price of $357.13.

The company has a debt-to-equity ratio of 5.00, a quick ratio of 0.96 and a current ratio of 1.17. The company has a market cap of $101.47 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 2.50 and a beta of 0.96. The stock’s 50 day simple moving average is $346.79.

Lockheed Martin (NYSE:LMT) last released its quarterly earnings data on Tuesday, April 23rd. The aerospace company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.29 by $1.70. Lockheed Martin had a net margin of 9.91% and a return on equity of 415.92%. The company had revenue of $14.34 billion during the quarter, compared to the consensus estimate of $12.48 billion. During the same quarter in the prior year, the firm posted $4.02 earnings per share. Lockheed Martin’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, equities analysts anticipate that Lockheed Martin Co. will post 20.5 earnings per share for the current fiscal year.

In other Lockheed Martin news, Director David B. Burritt sold 2,100 shares of the company’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $330.21, for a total value of $693,441.00. Following the completion of the transaction, the director now owns 6,030 shares in the company, valued at $1,991,166.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

Several large investors have recently made changes to their positions in LMT. BlackRock Inc. raised its holdings in shares of Lockheed Martin by 8.2% in the fourth quarter. BlackRock Inc. now owns 18,811,944 shares of the aerospace company’s stock valued at $4,925,719,000 after buying an additional 1,426,889 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Lockheed Martin by 25.3% in the fourth quarter. Geode Capital Management LLC now owns 3,422,800 shares of the aerospace company’s stock valued at $894,874,000 after buying an additional 691,751 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of Lockheed Martin by 40.6% in the fourth quarter. California Public Employees Retirement System now owns 1,294,842 shares of the aerospace company’s stock valued at $339,041,000 after buying an additional 373,997 shares during the last quarter. Confluence Investment Management LLC raised its holdings in shares of Lockheed Martin by 458.3% in the first quarter. Confluence Investment Management LLC now owns 348,533 shares of the aerospace company’s stock valued at $104,616,000 after buying an additional 286,105 shares during the last quarter. Finally, Marsico Capital Management LLC raised its holdings in Lockheed Martin by 207.8% during the fourth quarter. Marsico Capital Management LLC now owns 420,005 shares of the aerospace company’s stock worth $109,974,000 after purchasing an additional 283,545 shares in the last quarter. 77.97% of the stock is owned by institutional investors and hedge funds.

About Lockheed Martin (NYSE:LMT)

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. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.

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