Lockheed Martin (NYSE:LMT) Issues Quarterly Earnings Results

Lockheed Martin (NYSE:LMT) posted its quarterly earnings results on Tuesday. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.45 by $0.66, Briefing.com reports. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The firm had revenue of $18.12 billion for the quarter, compared to analysts’ expectations of $17.05 billion. During the same period in the prior year, the business earned $6.73 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Lockheed Martin updated its FY24 guidance to $26.10-26.60 EPS and its FY 2024 guidance to 26.100-26.600 EPS.

Lockheed Martin Price Performance

Shares of Lockheed Martin stock traded up $4.28 during trading on Friday, hitting $525.68. 680,024 shares of the stock traded hands, compared to its average volume of 1,082,400. The firm’s fifty day moving average is $468.42 and its 200-day moving average is $453.45. The stock has a market cap of $125.30 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 4.80 and a beta of 0.46. Lockheed Martin has a 52 week low of $393.77 and a 52 week high of $528.64. The company has a quick ratio of 1.11, a current ratio of 1.24 and a debt-to-equity ratio of 3.10.

Lockheed Martin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $3.15 per share. This represents a $12.60 annualized dividend and a yield of 2.40%. The ex-dividend date is Tuesday, September 3rd. Lockheed Martin’s dividend payout ratio (DPR) is currently 46.10%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LMT shares. The Goldman Sachs Group decreased their price objective on shares of Lockheed Martin from $380.00 to $377.00 and set a “sell” rating for the company in a report on Tuesday, April 23rd. TD Cowen raised shares of Lockheed Martin from a “hold” rating to a “buy” rating and lifted their price target for the stock from $480.00 to $560.00 in a report on Wednesday. JPMorgan Chase & Co. upped their price objective on Lockheed Martin from $518.00 to $560.00 and gave the company an “overweight” rating in a research note on Thursday. Citigroup raised their target price on Lockheed Martin from $508.00 to $525.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, StockNews.com raised Lockheed Martin from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Lockheed Martin presently has an average rating of “Moderate Buy” and a consensus target price of $518.91.

Insiders Place Their Bets

In other Lockheed Martin news, insider Timothy S. Cahill sold 3,975 shares of Lockheed Martin stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $515.36, for a total transaction of $2,048,556.00. Following the transaction, the insider now directly owns 8,877 shares of the company’s stock, valued at $4,574,850.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

Lockheed Martin Company Profile

Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. The company operates through Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space segments.