Flavin Financial Services Reduces Stake in Lockheed Martin by 6.6%

Flavin Financial Services Inc. has reduced its holding in Lockheed Martin Corporation (NYSE: LMT) by 6.6% during the second quarter of 2023, as indicated in its recent 13F filing with the Securities and Exchange Commission (SEC). The firm now possesses 4,312 shares of the aerospace giant after divesting 307 shares during the quarter. Lockheed Martin represents 1.9% of Flavin Financial Services’ overall portfolio, ranking as its 20th largest position, with valuations amounting to approximately $1,997,000 at the end of the quarter.

Several other institutional investors have also adjusted their positions in Lockheed Martin recently. Brighton Jones LLC increased its stake by 5.0% in the fourth quarter, acquiring an additional 191 shares, bringing its total to 3,995 shares valued at $1,941,000. ORG Wealth Partners LLC significantly boosted its stake by 122.4% in the first quarter, now holding 169 shares worth $76,000 after purchasing 93 additional shares. Advisor Resource Council initiated a new position in Lockheed Martin during the same quarter, investing approximately $570,000.

Carret Asset Management LLC also expanded its stake by 3.3% in the first quarter, now owning 1,882 shares valued at $841,000 after acquiring 60 shares. Additionally, Jamison Private Wealth Management Inc. increased its stake by 1.6%, now holding 17,917 shares valued at $8,004,000 after purchasing 290 shares. Collectively, institutional investors own 74.19% of Lockheed Martin’s stock.

Lockheed Martin’s Market Performance and Dividend Announcement

On Friday, shares of Lockheed Martin opened at $495.24. The company boasts a market capitalization of $115.62 billion, with a price-to-earnings ratio of 27.89 and a beta of 0.28. Over the past year, the company’s stock has fluctuated, recording a twelve-month low of $410.11 and a high of $618.95. Lockheed Martin maintains a quick ratio of 0.83, a current ratio of 0.98, and a debt-to-equity ratio of 3.47.

In a positive development for investors, Lockheed Martin recently declared a quarterly dividend of $3.45, set to be paid on December 30, 2023. Shareholders recorded as of December 1, 2023 will receive this dividend, which marks an increase from the previous quarterly dividend of $3.30. This represents an annualized dividend of $13.80 and a yield of 2.8%, with a payout ratio currently at 77.70%.

Analyst Ratings and Market Outlook

Recent reports from various research firms indicate mixed sentiments regarding Lockheed Martin’s stock. Weiss Ratings reaffirmed a “hold (c)” rating in a note issued on October 8, 2023. In contrast, Alembic Global Advisors upgraded its rating from “neutral” to “overweight” on August 28, 2023. Meanwhile, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on July 26, 2023.

Sanford C. Bernstein set a target price of $551.00 for Lockheed Martin and assigned a “market perform” rating in a note on July 14, 2023. Additionally, JPMorgan Chase & Co. lowered its target price from $520.00 to $465.00 while maintaining an “overweight” rating on July 23, 2023. Overall, one analyst has rated the stock as a Strong Buy, six have rated it as a Buy, fifteen as a Hold, and one as a Sell, leading to an average rating of “Hold” with a consensus price target of $510.29, according to data from MarketBeat.com.

Lockheed Martin Corporation is a prominent security and aerospace company that specializes in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services on a global scale. The company operates through several segments, including Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.

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