Burney Co. Reduces Stake in Lockheed Martin as Analysts Adjust Ratings

Burney Co. has reduced its stake in Lockheed Martin Corporation (NYSE: LMT) by 3.3% during the second quarter of 2023, as disclosed in a recent filing with the Securities and Exchange Commission. The institutional investor now holds 20,175 shares following the sale of 684 shares during this period. As of the end of June, Burney Co.’s holdings in Lockheed Martin were valued at approximately $9.34 million.

Other institutional investors have also been active in the market. Mid American Wealth Advisory Group Inc. acquired a new stake in Lockheed Martin during the second quarter, investing $28,000. TruNorth Capital Management LLC entered the market in the first quarter with an investment of around $31,000, while Frazier Financial Advisors LLC purchased shares worth approximately $34,000 in the second quarter. GFG Capital LLC also bought a new position valued at about $43,000. Notably, Bernard Wealth Management Corp. increased its position dramatically by 251.9%, now holding 95 shares worth around $44,000 after acquiring an additional 68 shares.

As of now, institutional investors collectively own 74.19% of Lockheed Martin’s outstanding shares.

Stock Performance and Financial Metrics

Lockheed Martin’s stock opened at $492.04 on Monday. The company has a market capitalization of $113.86 billion and demonstrates solid financial ratios, including a current ratio of 1.13 and a debt-to-equity ratio of 3.32. The stock has fluctuated over the past year, with a low of $410.11 and a high of $576.43. The fifty-day moving average price currently stands at $481.90, while the 200-day moving average is $467.14.

In a positive development for shareholders, Lockheed Martin recently announced an increase in its quarterly dividend. The company will pay a dividend of $3.45 per share on December 30, 2023, to stockholders of record on December 1, 2023. This new dividend reflects an annualized amount of $13.80 and a yield of 2.8%, up from the previous quarterly dividend of $3.30. The company’s current dividend payout ratio is 77.05%.

Insider Transactions and Analyst Ratings

In related news, Lockheed Martin’s Chief Operating Officer, John Frank A. St, sold 7,792 shares of the company on October 23, 2023. This transaction was executed at an average price of $491.04, totaling approximately $3.83 million. Following this sale, the COO now holds only a single share valued at $491.04, marking a significant reduction in their position. Insider ownership currently constitutes 0.14% of the stock.

Recent analyst ratings have shown mixed sentiments regarding Lockheed Martin’s stock. TD Cowen reaffirmed a “hold” rating with a price target of $480.00, down from a previous target of $500.00. Conversely, Morgan Stanley raised their target from $530.00 to $630.00, assigning an “overweight” rating. Truist Financial also increased their price target from $440.00 to $500.00, while Wall Street Zen upgraded the stock from “hold” to “buy.” Currently, one research analyst rates Lockheed Martin as a Strong Buy, six analysts give a Buy rating, fifteen recommend holding, and one analyst suggests selling the stock. According to MarketBeat.com, the average rating for Lockheed Martin stands at “Hold,” with an average price target of $513.47.

Lockheed Martin Corporation is recognized as a leading security and aerospace company, engaging in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services globally. The company operates across several segments including Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.