First Hawaiian Bank Trims Position in Lockheed Martin Co. (NYSE:LMT)

Posted by Defense World Staff on Mar 22nd, 2023

First Hawaiian Bank lessened its stake in Lockheed Martin Co. (NYSE:LMT – Get Rating) by 9.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,720 shares of the aerospace company’s stock after selling 389 shares during the period. First Hawaiian Bank’s holdings in Lockheed Martin were worth $1,810,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in LMT. FMR LLC increased its stake in Lockheed Martin by 39.9% in the 2nd quarter. FMR LLC now owns 5,966,076 shares of the aerospace company’s stock worth $2,565,175,000 after buying an additional 1,701,615 shares during the period. Renaissance Technologies LLC increased its position in Lockheed Martin by 586.8% during the 1st quarter. Renaissance Technologies LLC now owns 369,500 shares of the aerospace company’s stock valued at $163,097,000 after purchasing an additional 315,700 shares during the period. GQG Partners LLC increased its position in Lockheed Martin by 18.0% during the 2nd quarter. GQG Partners LLC now owns 2,040,934 shares of the aerospace company’s stock valued at $877,886,000 after purchasing an additional 311,513 shares during the period. Vanguard Group Inc. increased its position in Lockheed Martin by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 22,885,865 shares of the aerospace company’s stock valued at $8,840,580,000 after purchasing an additional 289,110 shares during the period. Finally, Neuberger Berman Group LLC increased its position in Lockheed Martin by 83.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 594,966 shares of the aerospace company’s stock valued at $229,985,000 after purchasing an additional 270,780 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Lockheed Martin Stock Down 0.2 %

LMT stock opened at $474.76 on Wednesday. The firm has a 50 day moving average of $467.95 and a 200 day moving average of $459.12. The stock has a market capitalization of $120.84 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 2.53 and a beta of 0.68. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 1.67. Lockheed Martin Co. has a 52 week low of $373.67 and a 52 week high of $498.95.

Lockheed Martin (NYSE:LMT – Get Rating) last released its earnings results on Tuesday, January 24th. The aerospace company reported $7.79 EPS for the quarter, topping analysts’ consensus estimates of $7.41 by $0.38. Lockheed Martin had a net margin of 8.69% and a return on equity of 68.01%. The company had revenue of $18.99 billion during the quarter, compared to analysts’ expectations of $18.25 billion. During the same period last year, the business earned $7.47 EPS. Lockheed Martin’s revenue for the quarter was up 7.1% on a year-over-year basis. Sell-side analysts forecast that Lockheed Martin Co. will post 26.86 earnings per share for the current year.

Lockheed Martin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Wednesday, March 1st will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Tuesday, February 28th. Lockheed Martin’s payout ratio is 55.27%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on LMT shares. Jefferies Financial Group raised their target price on shares of Lockheed Martin from $500.00 to $525.00 in a research report on Monday, December 5th. Credit Suisse Group raised shares of Lockheed Martin from an “underperform” rating to an “outperform” rating and raised their target price for the company from $427.00 to $510.00 in a research report on Monday, February 6th. JPMorgan Chase & Co. raised their target price on shares of Lockheed Martin from $450.00 to $505.00 and gave the company a “neutral” rating in a research report on Monday, December 12th. The Goldman Sachs Group downgraded shares of Lockheed Martin from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $388.00 to $332.00 in a research report on Friday, January 13th. Finally, Vertical Research downgraded shares of Lockheed Martin from a “buy” rating to a “hold” rating and set a $491.00 price objective on the stock. in a research report on Friday, January 6th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Lockheed Martin presently has an average rating of “Hold” and an average target price of $490.43.

Insider Buying and Selling at Lockheed Martin

In other Lockheed Martin news, Director John Donovan acquired 556 shares of the firm’s stock in a transaction on Wednesday, January 25th. The stock was acquired at an average cost of $451.20 per share, for a total transaction of $250,867.20. Following the purchase, the director now owns 2,324 shares in the company, valued at approximately $1,048,588.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Timothy S. Cahill sold 2,534 shares of Lockheed Martin stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $479.44, for a total transaction of $1,214,900.96. Following the completion of the transaction, the executive vice president now directly owns 10,460 shares of the company’s stock, valued at approximately $5,014,942.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Donovan bought 556 shares of the business’s stock in a transaction dated Wednesday, January 25th. The shares were purchased at an average cost of $451.20 per share, with a total value of $250,867.20. Following the completion of the acquisition, the director now owns 2,324 shares in the company, valued at $1,048,588.80. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

About Lockheed Martin

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Lockheed Martin Corp. is a global security and aerospace company, which engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. It operates through the following business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.