Canal Capital Management LLC Sells 57 Shares of Lockheed Martin Co. (NYSE:LMT)

Canal Capital Management LLC cut its holdings in Lockheed Martin Co. (NYSE:LMT) by 0.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,898 shares of the aerospace company’s stock after selling 57 shares during the period. Lockheed Martin makes up approximately 1.2% of Canal Capital Management LLC’s portfolio, making the stock its 24th biggest position. Canal Capital Management LLC’s holdings in Lockheed Martin were worth $6,959,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Van ECK Associates Corp raised its holdings in shares of Lockheed Martin by 1,075.2% during the first quarter. Van ECK Associates Corp now owns 481,106 shares of the aerospace company’s stock valued at $218,841,000 after purchasing an additional 440,169 shares during the period. Franklin Resources Inc. raised its stake in Lockheed Martin by 14.9% during the 4th quarter. Franklin Resources Inc. now owns 2,589,447 shares of the aerospace company’s stock worth $1,173,641,000 after buying an additional 336,588 shares during the period. Confluence Investment Management LLC bought a new position in Lockheed Martin in the first quarter worth approximately $151,402,000. Corient Private Wealth LLC grew its stake in Lockheed Martin by 91.8% in the fourth quarter. Corient Private Wealth LLC now owns 574,017 shares of the aerospace company’s stock valued at $260,169,000 after acquiring an additional 274,680 shares during the period. Finally, Capital Research Global Investors grew its stake in Lockheed Martin by 29.7% in the first quarter. Capital Research Global Investors now owns 953,285 shares of the aerospace company’s stock valued at $433,621,000 after acquiring an additional 218,506 shares during the period. 74.19% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Timothy S. Cahill sold 3,975 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $515.36, for a total transaction of $2,048,556.00. Following the completion of the transaction, the insider now directly owns 8,877 shares of the company’s stock, valued at approximately $4,574,850.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

LMT has been the topic of a number of recent research reports. Bank of America reiterated a “buy” rating and issued a $635.00 target price on shares of Lockheed Martin in a report on Friday. JPMorgan Chase & Co. raised their price objective on shares of Lockheed Martin from $518.00 to $560.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Barclays lifted their price objective on shares of Lockheed Martin from $480.00 to $505.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating and upped their target price for the stock from $540.00 to $600.00 in a report on Friday, July 26th. Finally, UBS Group lifted their price target on Lockheed Martin from $511.00 to $538.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given 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 target price of $541.85.

Lockheed Martin Stock Performance

LMT stock opened at $568.10 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.24 and a debt-to-equity ratio of 3.10. The firm has a market cap of $135.41 billion, a PE ratio of 20.79, a P/E/G ratio of 4.56 and a beta of 0.46. The business has a 50 day moving average of $514.24 and a 200-day moving average of $473.51. Lockheed Martin Co. has a 12-month low of $393.77 and a 12-month high of $569.09.

Lockheed Martin (NYSE:LMT) last posted its quarterly earnings data on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share for the quarter, topping the consensus estimate of $6.45 by $0.66. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The business had revenue of $18.12 billion for the quarter, compared to analysts’ expectations of $17.05 billion. During the same quarter in the previous year, the firm earned $6.73 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts expect that Lockheed Martin Co. will post 26.65 earnings per share for the current year.

Lockheed Martin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 3rd will be issued a dividend of $3.15 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $12.60 dividend on an annualized basis and a yield of 2.22%. Lockheed Martin’s dividend payout ratio (DPR) is presently 46.10%.

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.