Citigroup Boosts Lockheed Martin (NYSE:LMT) Price Target to $700.00

Lockheed Martin (NYSE:LMT) had its price objective boosted by Citigroup from $570.00 to $700.00 in a research note issued to investors on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the aerospace company’s stock.

LMT has been the subject of several other reports. Wells Fargo & Company increased their price target on shares of Lockheed Martin from $483.00 to $525.00 and gave the company an equal weight rating in a research report on Wednesday, July 24th. TD Cowen upgraded shares of Lockheed Martin to a strong-buy rating in a research note on Tuesday, October 8th. StockNews.com downgraded Lockheed Martin from a strong-buy rating to a buy rating in a research report on Wednesday, October 2nd. Bank of America reissued a buy rating and issued a $635.00 price objective on shares of Lockheed Martin in a research report on Friday, August 30th. Finally, Royal Bank of Canada upped their target price on Lockheed Martin from $600.00 to $675.00 and gave the company an outperform rating in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Lockheed Martin presently has a consensus rating of Moderate Buy and an average target price of $581.77.

Lockheed Martin Price Performance

NYSE LMT opened at $604.17 on Thursday. The company has a market cap of $144.96 billion, a PE ratio of 22.11, a P/E/G ratio of 4.84 and a beta of 0.47. Lockheed Martin has a 52-week low of $413.92 and a 52-week high of $611.59. The company has a debt-to-equity ratio of 3.10, a quick ratio of 1.07 and a current ratio of 1.24. The firm’s 50 day moving average price is $572.03 and its 200-day moving average price is $505.57.

Lockheed Martin (NYSE:LMT) last announced its quarterly earnings results on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.45 by $0.66. The business had revenue of $18.12 billion for the quarter, compared to the consensus estimate of $17.05 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $6.73 EPS. Sell-side analysts forecast that Lockheed Martin will post 26.68 EPS for the current fiscal year.

Lockheed Martin Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Monday, December 2nd. This is a boost from Lockheed Martin’s previous quarterly dividend of $3.15. This represents a $13.20 dividend on an annualized basis and a yield of 2.18%. Lockheed Martin’s dividend payout ratio is currently 48.30%.

Insider Transactions at Lockheed Martin

In related news, insider Timothy S. Cahill sold 3,975 shares of Lockheed Martin stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $515.36, for a total value of $2,048,556.00. Following the sale, the insider now directly owns 8,877 shares in the company, valued at approximately $4,574,850.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Lockheed Martin

Several institutional investors and hedge funds have recently added to or reduced their stakes in LMT. BlueCrest Capital Management Ltd purchased a new position in Lockheed Martin during the fourth quarter worth approximately $724,000. Bontempo Ohly Capital Mgmt LLC raised its stake in Lockheed Martin by 3.4% during the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 8,610 shares of the aerospace company’s stock worth $3,902,000 after purchasing an additional 283 shares during the period. Grayhawk Investment Strategies Inc. purchased a new position in Lockheed Martin during the fourth quarter worth about $277,000. Oracle Alpha Inc. purchased a new stake in shares of Lockheed Martin in the 4th quarter valued at approximately $480,000. Finally, Occudo Quantitative Strategies LP increased its holdings in shares of Lockheed Martin by 72.3% during the 4th quarter. Occudo Quantitative Strategies LP now owns 13,422 shares of the aerospace company’s stock worth $6,083,000 after buying an additional 5,634 shares during the last quarter. Institutional investors and hedge funds own 74.19% of the company’s stock.

Lockheed Martin Company 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.