May 31, 2016

Berenberg Bank Downgraded Lockheed Martin Co. (LMT)


Lockheed Martin Co. (NYSE:LMT) was downgraded by Berenberg Bank from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. They presently have a $260.00 target price on the stock, up from their prior target price of $250.00. Berenberg Bank’s target price suggests a potential upside of 8.29% from the stock’s current price.

The analysts wrote, “We favour Lockheed’s portfolio positioning, particularly with the US Department of Defense (DoD) programmes such as the F-35 which continues to ramp up, and anticipate strong demand for higher-margin missile programmes in 2016.”

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Lockheed Martin by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 17,430,560 shares of the company’s stock worth $3,785,047,000 after buying an additional 137,067 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Lockheed Martin by 5.9% in the first quarter. Wellington Management Group LLP now owns 10,282,849 shares of the company’s stock worth $2,277,650,000 after buying an additional 571,953 shares during the period. Boston Partners boosted its stake in shares of Lockheed Martin by 1.3% in the fourth quarter. Boston Partners now owns 2,966,282 shares of the company’s stock worth $644,128,000 after buying an additional 37,925 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Lockheed Martin by 1.9% in the fourth quarter. Wells Fargo & Company MN now owns 2,837,204 shares of the company’s stock worth $616,099,000 after buying an additional 53,098 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Lockheed Martin by 5.8% in the first quarter. Geode Capital Management LLC now owns 2,276,461 shares of the company’s stock worth $503,268,000 after buying an additional 125,321 shares during the period.