ARK Investment Management LLC Trims Stock Position in Lockheed Martin Co. (NYSE:LMT)

ARK Investment Management LLC cut its position in Lockheed Martin Co. (NYSE:LMT) by 10.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 23,301 shares of the aerospace company’s stock after selling 2,773 shares during the quarter. ARK Investment Management LLC’s holdings in Lockheed Martin were worth $13,621,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of LMT. GAMMA Investing LLC increased its stake in 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 acquiring an additional 2,019 shares during the last quarter. Buck Wealth Strategies LLC purchased a new position in shares of Lockheed Martin during the second quarter worth about $6,611,000. Old West Investment Management LLC raised its stake in Lockheed Martin by 6.6% in the third quarter. Old West Investment Management LLC now owns 26,633 shares of the aerospace company’s stock valued at $15,569,000 after purchasing an additional 1,643 shares in the last quarter. McAdam LLC lifted its position in Lockheed Martin by 101.7% during the third quarter. McAdam LLC now owns 1,178 shares of the aerospace company’s stock valued at $689,000 after purchasing an additional 594 shares during the last quarter. Finally, Financial Enhancement Group LLC increased its holdings 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. 74.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LMT shares. StockNews.com downgraded shares of Lockheed Martin from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 23rd. Robert W. Baird increased their price objective on Lockheed Martin from $519.00 to $626.00 in a report on Tuesday, October 22nd. Morgan Stanley lifted their target price on shares of Lockheed Martin from $503.00 to $599.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Citigroup raised their price objective on Lockheed Martin from $570.00 to $700.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Susquehanna reduced their target price on shares of Lockheed Martin from $705.00 to $695.00 and set a “positive” rating on the stock in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $611.00.

Lockheed Martin Price Performance

Shares of LMT opened at $551.98 on Friday. The company has a market capitalization of $130.84 billion, a P/E ratio of 19.98, a price-to-earnings-growth ratio of 4.44 and a beta of 0.49. The firm has a 50 day moving average of $578.42 and a 200 day moving average of $520.28. Lockheed Martin Co. has a twelve month low of $413.92 and a twelve month high of $618.95. 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 (NYSE:LMT) last announced its quarterly earnings results on Tuesday, October 22nd. The aerospace company reported $6.84 EPS 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 analyst estimates of $17.38 billion. Lockheed Martin had a net margin of 9.36% and a return on equity of 101.44%. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $6.77 earnings per share. As a group, equities research analysts anticipate that Lockheed Martin Co. will post 26.89 earnings per share for the current fiscal year.

Lockheed Martin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 2nd will be issued a $3.30 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $13.20 annualized dividend and a dividend yield of 2.39%. This is a positive change from Lockheed Martin’s previous quarterly dividend of $3.15. Lockheed Martin’s payout ratio is presently 45.62%.

Lockheed Martin 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.