Money Concepts Capital Reduces Stake in Lockheed Martin by 16.6%

Lockheed Martin Corporation (NYSE: LMT) saw a significant adjustment in its shareholder composition as Money Concepts Capital Corp announced a 16.6% reduction in its stake during the third quarter of 2023. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), Money Concepts now holds 7,283 shares of the aerospace giant after selling 1,445 shares during the reporting period. The value of Money Concepts’ holdings in Lockheed Martin stood at approximately $3.6 million at the end of the quarter.

Several other investment firms have also modified their positions in Lockheed Martin. Notably, Tableaux LLC increased its stake by an impressive 34,231.4% in the second quarter, bringing its total to 623,115 shares valued at $288.6 million. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings by 169.3%, now owning 572,272 shares worth around $265 million after acquiring an additional 359,748 shares.

Vanguard Group Inc. also made headlines by increasing its stake by 1.0%, resulting in ownership of 21,697,527 shares valued at approximately $10 billion. Additionally, Holocene Advisors LP and Virginia Retirement Systems made new acquisitions in the aerospace company valued at around $92.6 million and $89.9 million, respectively. Overall, hedge funds and institutional investors now hold 74.19% of Lockheed Martin’s stock.

Analyst Ratings and Stock Performance

Recent evaluations by equity research analysts provide insight into the market’s sentiment regarding Lockheed Martin. Weiss Ratings maintained a “hold (c)” rating on October 8, 2023. In a report dated December 16, 2023, Morgan Stanley reaffirmed an “equal weight” rating while adjusting its target price from $630.00 to $543.00. Conversely, Jefferies Financial Group established a target price of $630.00, and Robert W. Baird raised its price objective from $550.00 to $640.00, designating the company with an “outperform” rating.

The overall consensus among analysts shows five have rated the stock as a Buy, while fourteen have assigned a Hold rating, and one has given it a Sell rating. According to MarketBeat, Lockheed Martin currently holds an average rating of “Hold” with a consensus target price of $582.59.

On the trading front, shares of Lockheed Martin opened at $634.31 on Monday. The stock has demonstrated resilience, with a fifty-two week high of $645.67 and a low of $410.11. Its 50-day moving average price is $509.69, and the 200-day moving average price stands at $480.94. The company boasts a market capitalization of $145.94 billion and a price-to-earnings ratio of 29.52.

Quarterly Earnings Report

Lockheed Martin’s latest quarterly earnings report, released on January 29, 2024, revealed earnings per share of $5.80, falling short of analysts’ expectations of $6.33 by $0.53. The company reported a net margin of 6.69% and an impressive return on equity of 108.53%. Revenue for the quarter reached $20.32 billion, exceeding analysts’ forecasts of $19.84 billion. Year-over-year, this represents an increase of 9.1% compared to the same period last year, when the company reported earnings of $7.67 per share.

Looking forward, analysts predict that Lockheed Martin Corporation will post an earnings per share figure of 27.15 for the current fiscal year.

Lockheed Martin Corporation, headquartered in Bethesda, Maryland, is a leading global aerospace and defense company. It specializes in designing, developing, and manufacturing advanced technology systems for government and commercial customers, including the U.S. Department of Defense and NASA. The firm’s diverse product portfolio encompasses military aircraft, missile defense systems, space technologies, and precision weapons, positioning it as a key player in the aerospace sector.