Zacks Investment Research upgraded shares of Lockheed Martin (NYSE:LMT) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $373.00 price objective on the aerospace company’s stock.
According to Zacks, “Being the largest defense contractor in the world, Lockheed Martin witnesses strong demand for its high-end military equipments in both domestic as well as overseas markets. Strong order growth has been a primary growth driver for this company. The latest $7 billion deal for the sustainment of F-22 air vehicle is one such order. A positive defense budget proposed by Trump government further buoys optimism for this stock's growth. Lockheed Martin continues to be a strong cash generator, helping it to take important cash deployment decisions. At the end of third-quarter 2017, the company generated cash from operations worth $5 billion, up 11.3% year over year. However, the F-35 program, despite being a prime defense project for the U.S. government, has been facing criticism for being overtly expensive, for past few years. “
LMT has been the subject of a number of other research reports. Royal Bank of Canada decreased their price target on Lockheed Martin from $327.00 to $316.00 and set a sector perform rating for the company in a research report on Wednesday, October 25th. Deutsche Bank reissued a buy rating and issued a $340.00 price objective (up from $305.00) on shares of Lockheed Martin in a research note on Monday, October 2nd. Vetr downgraded Lockheed Martin from a strong-buy rating to a buy rating and set a $349.96 price objective for the company. in a research note on Monday, November 20th. Wells Fargo & Co downgraded Lockheed Martin from an outperform rating to a market perform rating in a research note on Tuesday. Finally, Buckingham Research increased their price objective on Lockheed Martin from $316.00 to $348.00 and gave the stock a buy rating in a research note on Thursday, October 5th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Lockheed Martin presently has an average rating of Buy and an average target price of $327.10.
Lockheed Martin (NYSE LMT) traded down $1.00 during trading hours on Friday, hitting $332.00. The company had a trading volume of 1,478,147 shares, compared to its average volume of 1,020,000. The company has a debt-to-equity ratio of 6.56, a current ratio of 1.32 and a quick ratio of 0.95. Lockheed Martin has a fifty-two week low of $248.00 and a fifty-two week high of $336.67. The firm has a market cap of $95,200.00, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 3.27 and a beta of 0.58.
Lockheed Martin (NYSE:LMT) last released its quarterly earnings results on Tuesday, October 24th. The aerospace company reported $3.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.26 by ($0.02). Lockheed Martin had a net margin of 7.31% and a return on equity of 221.41%. The company had revenue of $12.17 billion during the quarter, compared to analyst estimates of $12.83 billion. During the same quarter last year, the business earned $3.61 EPS. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. analysts anticipate that Lockheed Martin will post 13.11 EPS for the current year.
Lockheed Martin announced that its Board of Directors has initiated a stock repurchase program on Thursday, September 28th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the aerospace company to purchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In other news, Director Daniel F. Akerson purchased 2,500 shares of the business’s stock in a transaction dated Wednesday, October 25th. The stock was bought at an average cost of $312.02 per share, with a total value of $780,050.00. Following the purchase, the director now directly owns 7,432 shares of the company’s stock, valued at $2,318,932.64. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Dale P. Bennett sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $313.75, for a total value of $627,500.00. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.
An institutional investor recently bought a new position in Lockheed Martin stock. Buckingham Capital Management Inc. purchased a new position in shares of Lockheed Martin Co. (NYSE:LMT) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 670 shares of the aerospace company’s stock, valued at approximately $208,000. Hedge funds and other institutional investors own 78.81% of the company’s stock.
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Lockheed Martin Company Profile
Lockheed Martin Corporation is a security and aerospace company. The Company operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.
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