Lockheed Martin Corporation (NYSE:LMT) stock is trading down slightly this afternoon, after the company made an announcement that they will be suing the Pentagon over the way a $6.75 billion vehicle deal was handled. The U.S. Military chose Oshkosh Corp. to replace the Army’s Humvee supply next year, leaving a bitter taste in the mouths of Lockheed Martin Corporation (NYSE:LMT) shareholders.
The lawsuit was officially filed with the Court of Federal Claims yesterday, although it is still up in the air whether the company will seek an injunction or not to force Oshkosh to stop building about 17,000 vehicles for both the Army and the Marines.
The stock is down 0.38% or $0.82 following the news, hitting $216.68 per share. Approximately 803,628 shares traded hands. LMT shares have risen 12.67% since May 14, 2015 and are currently uptrending. It has outperformed the S&P500 by 14.93%.
From a total of 9 analysts covering Lockheed Martin Corporation (NYSE:LMT) stock, 5 rate it a “Buy”, 1 a “Sell”, and 3 a “Hold”. This means that 56% of the ratings are positive. The highest target price is $237 while the lowest target price is $204. The mean of all analyst targets is $226.44 which is 4.50% above today’s ($216.68) stock price. Lockheed Martin Corporation was the topic of 16 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Barclays Capital downgraded shares on November 30 to a “Underweight” rating. Citigroup maintained shares with a”Buy” rating and a $232 target share price in their report from an August 19. Argus Research maintained LMT stock in a recent report from October 22 with a “Buy” rating. Finally, Zacks upgraded the stock to a “Buy” rating in a report they issued on a September 3.
The institutional sentiment increased to 1.02 in Q2 2015. It’s up 0.02, from 1 in 2015Q2. The ratio increased, as 55 funds sold all their Lockheed Martin Corporation shares they owned while 369 reduced their positions. 85 funds bought stakes while 346 increased their total positions. Institutions now own 237.99 million shares which is 7.52% less than the previous share count of 257.34 million in 2015Q2.
Oakmont Corp holds 33.55% of its total portfolio in Lockheed Martin Corporation, equating to 1.05 million shares. Ruffer Llp owns 1.04 million shares representing 9.22% of their total US portfolio. Moreover, Artemis Investment Management Llp has 7.35% of their total portfolio invested in the company, equating to 1.20 million shares. The California-based Cypress Funds Llc has a total of 5.88% of their portfolio invested in the stock. Keating Investment Counselors Inc, a Florida-based fund reported 50,390 shares owned.
Since April 27, 2015, the stock had 0 insider buys, and 3 selling transactions for a total of $9.96 million in net activity. King Gwendolyn S sold 200 shares worth $41,316. Tanner Bruce L sold 32,000 shares worth $6.69 million. Dewar Patrick M sold 15,453 shares worth $3.23M. Akerson Daniel F bought 2,000 shares worth $380,318. The insider Hewson Marillyn A sold 45,700 shares worth $8.81M.
Lockheed Martin Corporation is a global security and aerospace company. The company has a market cap of $66.79 billion. The Firm is engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, services and products. It has 19.23 P/E ratio. The Firm operates in five divisions: Aeronautics, Information Systems & Global Solutions , Missiles and Fire Control (MFC), Mission Systems and Training (MST) and Space Systems.