The net buying is concentrated in one large active manager (Sanders Capital), while the earnings miss and lack of insider buying temper conviction. Monitor next quarter's 13F to see if the buying persists or reverses after the earnings disappointment.
How similar events traded
Executive Summary
Five institutional buyers added $546.7M net to LMT positions in Q3 2026, led by Sanders Capital's $476.8M increase, while three sellers reduced $71.7M. The cluster follows Q3 earnings that missed EPS consensus by 6.9% but featured raised full-year guidance and a record $292B backlog. The net buying signal is modest and partially offset by the earnings miss and lack of insider buying.
Key Financial Metrics
Institutional Positions
Net institutional flow: $475.0M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Sanders Capital | ADD | +44.8% | $1.5B | $476.8M |
| Mackenzie Financial | ADD | +48.4% | $117.2M | $38.2M |
| Exchange Traded Concepts | ADD | +97.1% | $39.8M | $19.6M |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Wealth Enhancement Advisory Services | TRIM | -30.1% | $141.5M | -$48.9M |
| Matrix | EXIT | -100% | $17.0M | -$17.0M |
| Pictet Asset Management Holding | TRIM | -46% | $12.5M | -$5.8M |
Key Facts
- 5 institutional buyers added $546.7M net to LMT positions in Q3 2026
- Sanders Capital was the largest buyer, adding $476.8M (+44.8% shares to 3.03M)
- 3 institutional sellers reduced $71.7M, including Matrix's full exit of $17.0M
- Q3 2026 EPS of $7.97 missed consensus of $8.56 by 6.9%; revenue of $20.7B missed $22.48B
- Full-year 2026 guidance raised for sales, EPS, and free cash flow; backlog at record $292B
- No open-market insider buying in the quarter; 13F × Form 4 confluence score 24/100 (divergent)
Financial Impact
5 institutions accumulated $1.76B in current holdings, net adding $546.7M; 3 sellers reduced $71.7M. Net institutional inflow of $475M.
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Q3 earnings miss and lower F-35 deliveries could weigh on near-term sentiment
- No insider buying corroborates the institutional buying signal
- Sanders Capital's large add could reflect a long-term thesis that may not protect against near-term volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-LMT-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | GOVT-CONTRACT | $591.50 | awaiting T+60 | awaiting T+60 | No price |
Nov 3, 2026 1d ago | Institutional Cluster | $637.79 | awaiting T+60 | awaiting T+60 | No price |
Nov 3, 2026 1d ago | GOVT-CONTRACT | $635.77 | awaiting T+60 | awaiting T+60 | No price |
Oct 30, 2026 5d ago | GOVT-CONTRACT | $643.15 | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 6d ago | GOVT-CONTRACT | $636.95 | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 7d ago | GOVT-CONTRACT | $643.59 | awaiting T+60 | awaiting T+60 | No price |
Oct 27, 2026 8d ago | Press Release | $622.99 | awaiting T+60 | awaiting T+60 | No price |
Oct 26, 2026 9d ago | GOVT-CONTRACT | $622.99 | awaiting T+60 | awaiting T+60 | No price |
Oct 23, 2026 12d ago | 144 | $635.20 | awaiting T+60 | awaiting T+60 | No price |
Oct 23, 2026 12d ago | GOVT-CONTRACT | $635.20 | awaiting T+60 | awaiting T+60 | No price |
US Market Status
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