Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in Lockheed Martin Corporation, lifting its holdings by 3.2% during the third quarter. The institutional investor now owns a total of 425,835 shares of Lockheed Martin, after acquiring an additional 13,226 shares, amounting to a total value of approximately $212.6 million, according to its latest filing with the SEC.
In addition to Mitsubishi UFJ, several other hedge funds have made notable changes to their positions in the aerospace and defense giant. Barnes Dennig Private Wealth Management LLC significantly expanded its stake by 285.7%, acquiring a total of 54 shares valued at $27,000, while Grey Fox Wealth Advisors LLC also entered a new position worth $27,000. Firms such as Twin Peaks Wealth Advisors LLC and Pilgrim Partners Asia Pte Ltd also bought new stakes earlier this year, and overall, institutional investors own about 74.19% of Lockheed Martin’s shares.
Market analysts have been actively weighing in on Lockheed Martin’s stock. Recent reports from major research firms suggest adjustments in price targets, with JPMorgan Chase & Co. lifting its price objective from $515.00 to $680.00 while maintaining a “neutral” rating. Citigroup and Jefferies Financial Group echoed similar sentiments with revised price targets of $673.00 and $630.00, respectively. Among the analysts’ consensus, Lockheed Martin has six “Buy” ratings, fourteen “Hold” ratings, and one “Sell” rating, with an average target price hovering around $612.50.
Lockheed Martin’s stock has experienced fluctuations, starting the day at $641.47, with a 12-month range between $410.11 and $669.75. The company recently reported its quarterly earnings, revealing an EPS of $5.80, slightly below analysts’ expectations, but its revenue surged by 9.1% compared to the same quarter last year, amounting to $20.32 billion.
The aerospace and defense company also announced a quarterly dividend of $3.45, payable on March 27, with an annualized dividend yield of 2.2% based on a payout ratio of 64.22%. This dividend serves as an attractive option for investors seeking returns in addition to capital gains.
Lockheed Martin, headquartered in Bethesda, Maryland, has established itself as a leader in crafting advanced technology systems for both governmental and commercial sectors. Its extensive portfolio includes military aircraft, missile systems, and satellite technologies, with a focus on providing integrated solutions across various domains.
As Lockheed Martin continues its operations with a strong revenue stream and consistent interest from institutional investors, the outlook for the company appears stable. This suggests a potentially positive trajectory for its stock as it navigates the innovative and competitive landscape of the aerospace and defense industry.