Lockheed Martin (NYSE:LMT) Stock Price Up 0% Following Earnings Beat

Lockheed Martin Co. (NYSE:LMT)’s share price shot up 0% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $471.39 and last traded at $462.26. 380,003 shares were traded during mid-day trading, a decline of 70% from the average session volume of 1,247,046 shares. The stock had previously closed at $462.08.

The aerospace company reported $7.28 earnings per share for the quarter, topping analysts’ consensus estimates of $6.34 by $0.94. The firm had revenue of $17.96 billion for the quarter, compared to analyst estimates of $17.83 billion. Lockheed Martin had a net margin of 7.51% and a return on equity of 101.47%.

Lockheed Martin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 3rd were paid a dividend of $3.30 per share. The ex-dividend date was Monday, March 3rd. This represents a $13.20 dividend on an annualized basis and a dividend yield of 2.85%. Lockheed Martin’s payout ratio is 57.02%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on LMT shares. Truist Financial initiated coverage on shares of Lockheed Martin in a report on Tuesday, January 14th. They set a “buy” rating and a $579.00 price target on the stock. Melius Research cut Lockheed Martin from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 24th. Wells Fargo & Company cut their price target on Lockheed Martin from $476.00 to $432.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Susquehanna lowered their price target on Lockheed Martin from $590.00 to $550.00 and set a “positive” rating on the stock in a research report on Wednesday, January 29th. Finally, Deutsche Bank Aktiengesellschaft cut Lockheed Martin from a “buy” rating to a “hold” rating and cut their price objective for the company from $611.00 to $523.00 in a research report on Thursday, January 2nd. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $544.79.

Insider Buying and Selling

In other Lockheed Martin news, insider Robert M. Lightfoot, Jr. sold 3,213 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $442.42, for a total transaction of $1,421,495.46. Following the completion of the sale, the insider now owns 2,000 shares of the company’s stock, valued at $884,840. This trade represents a 61.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Harry Edward Paul III sold 707 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $442.61, for a total value of $312,925.27. Following the transaction, the vice president now owns 2,278 shares of the company’s stock, valued at approximately $1,008,265.58. This represents a 23.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,133 shares of company stock worth $3,155,916. Insiders own 0.14% of the company’s stock.

Institutional Trading of Lockheed Martin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new position in Lockheed Martin during the 4th quarter valued at about $32,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Lockheed Martin in the fourth quarter valued at approximately $34,000. Heck Capital Advisors LLC acquired a new position in shares of Lockheed Martin in the fourth quarter valued at approximately $35,000. Redwood Park Advisors LLC purchased a new stake in Lockheed Martin during the 4th quarter worth approximately $40,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in Lockheed Martin during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 74.19% of the company’s stock.

Lockheed Martin Price Performance

The company’s 50-day simple moving average is $453.93 and its 200 day simple moving average is $494.28. The company has a debt-to-equity ratio of 3.10, a quick ratio of 0.95 and a current ratio of 1.13. The company has a market cap of $108.76 billion, a PE ratio of 20.83, a PEG ratio of 2.07 and a beta of 0.39.

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.