Lockheed Martin Co. (NYSE:LMT) Stake Lowered by Pacific Heights Asset Management LLC
Pacific Heights Asset Management LLC lowered its position in Lockheed Martin Co. (NYSE:LMT) by 0.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 106,000 shares of the aerospace company’s stock after selling 1,000 shares during the period. Lockheed Martin comprises about 3.2% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 4th biggest holding. Pacific Heights Asset Management LLC’s holdings in Lockheed Martin were worth $31,316,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of LMT. Silvant Capital Management LLC bought a new position in shares of Lockheed Martin in the first quarter worth about $114,000. W.G. Shaheen & Associates DBA Whitney & Co bought a new position in shares of Lockheed Martin in the first quarter worth about $116,000. Bray Capital Advisors bought a new position in shares of Lockheed Martin in the first quarter worth about $127,000. Trilogy Capital Inc. bought a new position in shares of Lockheed Martin in the first quarter worth about $134,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Lockheed Martin in the second quarter worth about $117,000. 78.23% of the stock is owned by institutional investors.
Shares of Lockheed Martin traded down $2.59, reaching $313.12, during mid-day trading on Friday, according to Marketbeat Ratings. 1,081,870 shares of the company’s stock traded hands, compared to its average volume of 1,359,861. The stock has a market cap of $89.91 billion, a price-to-earnings ratio of 19.89, a P/E/G ratio of 2.50 and a beta of 0.71. Lockheed Martin Co. has a 12 month low of $291.52 and a 12 month high of $363.00. The company has a debt-to-equity ratio of 28.14, a quick ratio of 0.97 and a current ratio of 1.19.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Tuesday, September 4th will be paid a $2.00 dividend. The ex-dividend date is Friday, August 31st. This represents a $8.00 annualized dividend and a yield of 2.55%. Lockheed Martin’s dividend payout ratio (DPR) is currently 60.02%.
A number of research firms recently commented on LMT. Credit Suisse Group boosted their target price on Lockheed Martin from $355.00 to $340.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Cowen reiterated a “hold” rating and issued a $370.00 target price on shares of Lockheed Martin in a research report on Tuesday, April 24th. Zacks Investment Research upgraded Lockheed Martin from a “hold” rating to a “buy” rating and set a $369.00 target price on the stock in a research report on Friday, April 27th. Bank of America boosted their target price on Lockheed Martin from $400.00 to $412.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, ValuEngine downgraded Lockheed Martin from a “buy” rating to a “hold” rating in a research report on Tuesday, May 22nd. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Lockheed Martin presently has an average rating of “Buy” and an average price target of $370.38.
In related news, Chairman Marillyn A. Hewson sold 25,000 shares of the stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $323.68, for a total value of $8,092,000.00. Following the transaction, the chairman now owns 90,625 shares of the company’s stock, valued at $29,333,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Maryanne Lavan sold 7,250 shares of the stock in a transaction that occurred on Wednesday, July 25th. The stock was sold at an average price of $323.64, for a total value of $2,346,390.00. Following the completion of the transaction, the senior vice president now directly owns 9,869 shares in the company, valued at approximately $3,194,003.16. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.
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. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.
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