Cordatus Wealth Management LLC has significantly reduced its investment in Lockheed Martin Corporation (NYSE:LMT) by 88.9% during the third quarter of 2023. According to the company’s most recent filing with the Securities and Exchange Commission (SEC), Cordatus now holds only 498 shares of the aerospace and defense firm after selling 3,989 shares during this period. At the end of the quarter, these holdings were valued at approximately $249,000.
This move comes as several other institutional investors have also adjusted their positions in Lockheed Martin. Tableaux LLC made a remarkable increase by 34,231.4% in the second quarter, accumulating 623,115 shares worth $288.6 million. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake by 169.3%, now owning 572,272 shares valued at $265 million. Vanguard Group Inc. also increased its holdings by 1.0%, resulting in ownership of 21,697,527 shares worth approximately $10.05 billion.
Institutional investors and hedge funds collectively own 74.19% of Lockheed Martin’s stock. The company has experienced a strong performance in the stock market, opening at $511.55 on Tuesday, October 24, 2023. Over the past year, the stock has fluctuated between a low of $410.11 and a high of $516.00. The current market capitalization stands at $118.37 billion.
Earnings and Financial Outlook
Lockheed Martin reported its latest quarterly earnings on October 21, 2023. The aerospace giant posted earnings per share (EPS) of $6.95, surpassing analysts’ expectations of $6.33 by $0.62. The company’s revenue for the quarter was reported at $18.61 billion, exceeding forecasts of $18.45 billion. Year-over-year, revenue rose by 8.8%, compared to $6.84 EPS in the same period last year.
Looking ahead, Lockheed Martin has provided guidance for fiscal year 2025, projecting an EPS between $22.150 and $22.350. Analysts predict the company will report an average EPS of $27.15 for the current fiscal year.
Dividend Increase and Analyst Ratings
In addition to its strong earnings, Lockheed Martin recently announced an increase in its quarterly dividend. Shareholders received a dividend of $3.45 per share on December 30, 2023, marking an increase from the previous dividend of $3.30. This adjustment reflects a total annualized dividend of $13.80 and a yield of 2.7%. The company’s dividend payout ratio currently stands at 77.05%.
Recent evaluations from various research analysts indicate a generally positive outlook for Lockheed Martin. Weiss Ratings maintained a “hold” rating on the stock, while JPMorgan Chase & Co. increased its price target from $465.00 to $515.00. UBS Group set a target price of $513.00 while maintaining a “neutral” rating. Truist Financial raised its price target from $440.00 to $500.00, and Susquehanna increased its target from $490.00 to $590.00.
Currently, the stock has a consensus rating of “Hold” among analysts, with a target price averaging $506.18.
In insider trading news, Chief Operating Officer John Frank A. St sold 7,792 shares on October 23, 2023, for an estimated total of $3.83 million. Following this transaction, he retained one share valued at approximately $491.04.
Lockheed Martin Corporation, headquartered in Bethesda, Maryland, operates globally, providing advanced technology systems for both government and commercial clients. The firm specializes in various segments, including military aircraft, missile defense, space systems, and satellite technologies. The company continues to be a pivotal player in the aerospace and defense industry, serving prominent clients such as the U.S. Department of Defense and NASA.
