Providence Wealth Advisors LLC Invests $228,000 in Lockheed Martin Co. (NYSE:LMT)

Providence Wealth Advisors LLC acquired a new position in Lockheed Martin Co. (NYSE:LMT) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 397 shares of the aerospace company’s stock, valued at approximately $228,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Lockheed Martin by 130.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,572 shares of the aerospace company’s stock worth $1,668,000 after buying an additional 2,019 shares in the last quarter. Bank of Montreal Can grew its holdings in Lockheed Martin by 2.1% in the 3rd quarter. Bank of Montreal Can now owns 656,807 shares of the aerospace company’s stock worth $382,498,000 after buying an additional 13,253 shares in the last quarter. Old West Investment Management LLC grew its holdings in Lockheed Martin by 6.6% in the 3rd quarter. Old West Investment Management LLC now owns 26,633 shares of the aerospace company’s stock worth $15,569,000 after buying an additional 1,643 shares in the last quarter. Empower Advisory Group LLC grew its holdings in Lockheed Martin by 9.1% in the 3rd quarter. Empower Advisory Group LLC now owns 22,016 shares of the aerospace company’s stock worth $12,870,000 after buying an additional 1,843 shares in the last quarter. Finally, Buck Wealth Strategies LLC bought a new position in Lockheed Martin in the 2nd quarter worth approximately $6,611,000. 74.19% of the stock is owned by institutional investors.

Lockheed Martin Price Performance

LMT opened at $525.75 on Friday. The stock has a fifty day moving average of $569.60 and a 200-day moving average of $528.50. The firm has a market capitalization of $124.62 billion, a P/E ratio of 19.04, a PEG ratio of 4.29 and a beta of 0.49. Lockheed Martin Co. has a 12-month low of $413.92 and a 12-month high of $618.95. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 2.66.

Lockheed Martin (NYSE:LMT) last released its earnings results on Tuesday, October 22nd. The aerospace company reported $6.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.50 by $0.34. The company had revenue of $17.10 billion during the quarter, compared to analyst estimates of $17.38 billion. Lockheed Martin had a return on equity of 101.44% and a net margin of 9.36%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.77 earnings per share. Equities analysts forecast that Lockheed Martin Co. will post 26.94 EPS for the current fiscal year.

Lockheed Martin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 2nd will be issued a $3.30 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $13.20 dividend on an annualized basis and a dividend yield of 2.51%. This is a positive change from Lockheed Martin’s previous quarterly dividend of $3.15. Lockheed Martin’s dividend payout ratio is presently 45.62%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on LMT shares. Citigroup increased their price objective on Lockheed Martin from $570.00 to $700.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Melius raised Lockheed Martin from a “hold” rating to a “buy” rating and set a $704.00 price target for the company in a research note on Tuesday, September 3rd. Melius Research raised Lockheed Martin to a “strong-buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. increased their price target on Lockheed Martin from $560.00 to $630.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, Barclays increased their price target on Lockheed Martin from $505.00 to $565.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $611.00.

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.