ProVise Management Group LLC Trims Stock Position in Lockheed Martin Co. (NYSE:LMT)

ProVise Management Group LLC reduced its position in shares of Lockheed Martin Co. (NYSE:LMT - Free Report) by 15.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,715 shares of the aerospace company's stock after selling 3,057 shares during the period. ProVise Management Group LLC's holdings in Lockheed Martin were worth $7,807,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Optimist Retirement Group LLC boosted its position in Lockheed Martin by 3.1% during the second quarter. Optimist Retirement Group LLC now owns 4,094 shares of the aerospace company's stock worth $1,912,000 after acquiring an additional 124 shares during the last quarter. Intrepid Financial Planning Group LLC purchased a new position in Lockheed Martin in the 2nd quarter worth approximately $253,000. Garner Asset Management Corp grew its position in shares of Lockheed Martin by 6.6% in the second quarter. Garner Asset Management Corp now owns 3,494 shares of the aerospace company's stock valued at $1,632,000 after purchasing an additional 215 shares in the last quarter. Altrius Capital Management Inc increased its holdings in shares of Lockheed Martin by 1.9% in the second quarter. Altrius Capital Management Inc now owns 8,986 shares of the aerospace company's stock valued at $4,198,000 after purchasing an additional 169 shares during the last quarter. Finally, Carolinas Wealth Consulting LLC lifted its position in Lockheed Martin by 33.7% during the second quarter. Carolinas Wealth Consulting LLC now owns 802 shares of the aerospace company's stock worth $374,000 after buying an additional 202 shares in the last quarter. Institutional investors and hedge funds own 74.19% of the company's stock.

Lockheed Martin Stock Down 0.1 %

Shares of NYSE LMT traded down $0.31 during midday trading on Thursday, hitting $565.18. The company's stock had a trading volume of 914,022 shares, compared to its average volume of 1,053,816. Lockheed Martin Co. has a 1 year low of $393.77 and a 1 year high of $578.73. The business's fifty day simple moving average is $543.44 and its two-hundred day simple moving average is $487.37. The firm has a market capitalization of $135.61 billion, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 4.55 and a beta of 0.47. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.24 and a quick ratio of 1.07.

Lockheed Martin (NYSE:LMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 23rd. The aerospace company reported $7.11 EPS for the quarter, topping the consensus estimate of $6.45 by $0.66. The business had revenue of $18.12 billion during the quarter, compared to the consensus estimate of $17.05 billion. Lockheed Martin had a net margin of 9.48% and a return on equity of 95.03%. The company's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.73 earnings per share. On average, equities analysts predict that Lockheed Martin Co. will post 26.65 EPS for the current year.

Lockheed Martin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 3rd will be paid a dividend of $3.15 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $12.60 dividend on an annualized basis and a dividend yield of 2.23%. Lockheed Martin's payout ratio is 46.10%.

Insider Activity at Lockheed Martin

In other news, insider Timothy S. Cahill sold 3,975 shares of Lockheed Martin stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $515.36, for a total transaction of $2,048,556.00. Following the completion of the sale, the insider now directly owns 8,877 shares of the company's stock, valued at approximately $4,574,850.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Lockheed Martin from $483.00 to $525.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 24th. Morgan Stanley lifted their target price on shares of Lockheed Martin from $503.00 to $599.00 and gave the stock an "equal weight" rating in a research note on Friday, August 9th. Barclays increased their price target on shares of Lockheed Martin from $480.00 to $505.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of Lockheed Martin from $518.00 to $560.00 and gave the company an "overweight" rating in a research report on Thursday, July 25th. Finally, Melius Research raised Lockheed Martin to a "strong-buy" rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Lockheed Martin presently has a consensus rating of "Moderate Buy" and an average price target of $553.43.

About Lockheed Martin

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.