Peapack Gladstone Financial Corp Cuts Stock Holdings in Lockheed Martin Co. (NYSE:LMT)

Peapack Gladstone Financial Corp reduced its stake in Lockheed Martin Co. (NYSE:LMT) by 1.8% during the third quarter, HoldingsChannel reports. The firm owned 18,873 shares of the aerospace company’s stock after selling 355 shares during the period. Peapack Gladstone Financial Corp’s holdings in Lockheed Martin were worth $11,032,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of LMT. Geode Capital Management LLC boosted its holdings in shares of Lockheed Martin by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 4,827,645 shares of the aerospace company’s stock worth $2,816,898,000 after purchasing an additional 83,997 shares in the last quarter. FMR LLC grew its position in Lockheed Martin by 6.6% during the third quarter. FMR LLC now owns 3,389,025 shares of the aerospace company’s stock valued at $1,981,088,000 after acquiring an additional 209,591 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Lockheed Martin by 8.5% during the third quarter. Wellington Management Group LLP now owns 3,074,855 shares of the aerospace company’s stock worth $1,797,437,000 after acquiring an additional 240,306 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Lockheed Martin by 1.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,942,658 shares of the aerospace company’s stock worth $902,714,000 after acquiring an additional 31,545 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Lockheed Martin by 60,592.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,559,178 shares of the aerospace company’s stock valued at $911,433,000 after purchasing an additional 1,556,609 shares in the last quarter. 74.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LMT shares. JPMorgan Chase & Co. boosted their price target on shares of Lockheed Martin from $560.00 to $630.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Melius Research upgraded Lockheed Martin to a “strong-buy” rating in a report on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft lifted their price target 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 increased 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. Finally, Citigroup upped their price target on shares of Lockheed Martin from $570.00 to $700.00 and gave the company a “buy” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $612.29.

Lockheed Martin Price Performance

Shares of Lockheed Martin stock opened at $494.67 on Friday. The firm has a market cap of $117.26 billion, a PE ratio of 17.91, a PEG ratio of 4.13 and a beta of 0.46. The stock has a 50 day moving average of $552.79 and a 200 day moving average of $531.92. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 2.66. Lockheed Martin Co. has a 12 month low of $413.92 and a 12 month high of $618.95.

Lockheed Martin (NYSE:LMT) last issued its quarterly earnings data on Tuesday, October 22nd. The aerospace company reported $6.84 earnings per share for the quarter, topping analysts’ consensus estimates of $6.50 by $0.34. The firm had revenue of $17.10 billion during 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 quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $6.77 EPS. On average, research analysts expect that Lockheed Martin Co. will post 26.88 EPS for the current fiscal year.

Lockheed Martin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 2nd will be given a dividend of $3.30 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Lockheed Martin’s previous quarterly dividend of $3.15. This represents a $13.20 dividend on an annualized basis and a yield of 2.67%. Lockheed Martin’s payout ratio is currently 47.79%.

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.