Cordatus Wealth Management LLC has significantly reduced its stake in Lockheed Martin Corporation (NYSE: LMT), as detailed in its recent 13F filing with the Securities and Exchange Commission (SEC). The firm sold 3,989 shares during the third quarter, lowering its ownership by 88.9%. Following this transaction, Cordatus now holds just 498 shares, valued at approximately $249,000.
This reduction reflects a broader trend among institutional investors. Tableaux LLC dramatically increased its stake in Lockheed Martin by an astonishing 34,231.4% in the second quarter, accumulating 623,115 shares valued at $288.6 million after acquiring an additional 621,300 shares. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings by 169.3%, now owning 572,272 shares worth around $265 million. Other notable movements include Vanguard Group Inc., which increased its position by 1.0%, holding 21,697,527 shares valued at an impressive $10.05 billion.
The institutional ownership of Lockheed Martin stands at 74.19%, illustrating strong confidence from major financial players.
Lockheed Martin’s Stock Performance and Financial Results
On Tuesday, Lockheed Martin’s stock opened at $511.55. The aerospace and defense giant has experienced a one-year low of $410.11 and a high of $516.00. The company’s moving averages indicate stability, with a 50-day average of $471.28 and a 200-day average of $466.59. Lockheed Martin has reported a market capitalization of $118.37 billion, a price-to-earnings ratio of 28.56, and a beta of 0.24.
Lockheed Martin’s latest quarterly earnings report, released on October 21, 2023, revealed earnings per share of $6.95, surpassing analysts’ expectations of $6.33 by $0.62. The firm generated revenue of $18.61 billion, exceeding forecasts of $18.45 billion. This represented an annual revenue increase of 8.8%, compared to $6.84 EPS from the same period last year. Lockheed Martin has set its fiscal year 2025 guidance at $22.150-$22.350 EPS, with analysts predicting an average of $27.15 EPS for the current fiscal year.
Dividend Increase and Analyst Ratings
Recently, Lockheed Martin declared a quarterly dividend of $3.45 per share, which was paid on December 30, 2023. This increase from the previous dividend of $3.30 marks a positive step for investors. The dividend yield stands at 2.7%, with a payout ratio of 77.05%.
Several analysts have shared insights regarding Lockheed Martin’s stock. Weiss Ratings maintained a “hold (c)” rating on October 8, 2023. JPMorgan Chase & Co. upgraded its rating to “neutral” and raised the target price to $515.00 from $465.00. Conversely, UBS Group slightly decreased its target price from $514.00 to $513.00. Truist Financial increased their target to $500.00, while Susquehanna raised its target price significantly to $590.00, indicating a “positive” outlook.
The consensus rating for Lockheed Martin currently stands at “Hold,” with a consensus target price of $506.18, based on data from MarketBeat.
In insider trading news, Lockheed Martin’s Chief Operating Officer, John Frank A. St, sold 7,792 shares on October 23, 2023, at an average price of $491.04. This transaction, valued at approximately $3.83 million, represents a near-total divestment of his position, as he now owns just one share valued at $491.04.
Lockheed Martin Corporation, headquartered in Bethesda, Maryland, is a leading global aerospace and defense company. It specializes in the design, development, and manufacturing of advanced technology systems for both government and commercial customers. The company’s extensive product portfolio covers military aircraft, missile systems, space technologies, and precision weapons, serving clients including the U.S. Department of Defense and NASA.
As institutional investment dynamics evolve, Lockheed Martin remains a focal point for many hedge funds and institutional investors, reflecting the company’s continuing significance in the aerospace and defense sectors.
