Patten & Patten Inc. TN Has $1.18 Million Stake in Lockheed Martin Co. (NYSE:LMT)

Patten & Patten Inc. TN lowered its stake in shares of Lockheed Martin Co. (NYSE:LMT) by 7.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,015 shares of the aerospace company’s stock after selling 158 shares during the period. Patten & Patten Inc. TN’s holdings in Lockheed Martin were worth $1,178,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in shares of Lockheed Martin by 130.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,572 shares of the aerospace company’s stock worth $1,668,000 after buying an additional 2,019 shares during the last quarter. Old West Investment Management LLC boosted its stake in shares of Lockheed Martin by 6.6% in the 3rd quarter. Old West Investment Management LLC now owns 26,633 shares of the aerospace company’s stock worth $15,569,000 after buying an additional 1,643 shares during the last quarter. Buck Wealth Strategies LLC purchased a new position in shares of Lockheed Martin in the 2nd quarter worth approximately $6,611,000. Financial Enhancement Group LLC boosted its stake in shares of Lockheed Martin by 2,268.3% in the 3rd quarter. Financial Enhancement Group LLC now owns 10,444 shares of the aerospace company’s stock worth $6,105,000 after buying an additional 10,003 shares during the last quarter. Finally, McAdam LLC boosted its stake in shares of Lockheed Martin by 101.7% in the 3rd quarter. McAdam LLC now owns 1,178 shares of the aerospace company’s stock worth $689,000 after buying an additional 594 shares during the last quarter. Institutional investors and hedge funds own 74.19% of the company’s stock.

Lockheed Martin Stock Up 1.1 %

LMT opened at $570.58 on Tuesday. The stock has a market cap of $135.25 billion, a PE ratio of 20.66, a P/E/G ratio of 4.62 and a beta of 0.49. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 2.66. Lockheed Martin Co. has a 52 week low of $413.92 and a 52 week high of $618.95. The business’s fifty day simple moving average is $578.06 and its 200 day simple moving average is $522.08.

Lockheed Martin (NYSE:LMT) last released its earnings results on Tuesday, October 22nd. The aerospace company reported $6.84 EPS for the quarter, beating analysts’ consensus estimates of $6.50 by $0.34. The business had revenue of $17.10 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Lockheed Martin had a return on equity of 101.44% and a net margin of 9.36%. The firm’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.77 earnings per share. As a group, research analysts expect that Lockheed Martin Co. will post 26.89 earnings per share for the current fiscal year.

Lockheed Martin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 2nd will be given a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a yield of 2.31%. This is a positive change from Lockheed Martin’s previous quarterly dividend of $3.15. The ex-dividend date of this dividend is Monday, December 2nd. Lockheed Martin’s dividend payout ratio is presently 45.62%.

Analyst Ratings Changes

LMT has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on Lockheed Martin from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. TD Cowen upped their price objective on Lockheed Martin from $560.00 to $610.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on Lockheed Martin from $560.00 to $630.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Morgan Stanley upped their price objective on Lockheed Martin from $503.00 to $599.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Finally, Royal Bank of Canada dropped their price objective on Lockheed Martin from $675.00 to $665.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $611.00.

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.