Lockheed Martin (NYSE:LMT) Updates FY24 Earnings Guidance

Lockheed Martin (NYSE:LMT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $26.10-26.60 for the period, compared to the consensus earnings per share estimate of $26.28. The company issued revenue guidance of $70.5-71.5 billion, compared to the consensus revenue estimate of $69.84 billion. Lockheed Martin also updated its FY 2024 guidance to 26.100-26.600 EPS.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Lockheed Martin from $483.00 to $525.00 and gave the company an equal weight rating in a report on Wednesday. Citigroup raised their price objective on Lockheed Martin from $508.00 to $525.00 and gave the company a buy rating in a research note on Wednesday, April 24th. Royal Bank of Canada raised their price objective on Lockheed Martin from $470.00 to $500.00 and gave the company a sector perform rating in a research note on Wednesday. StockNews.com raised Lockheed Martin from a buy rating to a strong-buy rating in a research note on Thursday, April 25th. Finally, Susquehanna raised their price target on Lockheed Martin from $540.00 to $565.00 and gave the stock a positive rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $513.45.

Lockheed Martin Stock Up 1.2 %

Shares of Lockheed Martin stock opened at $521.64 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.24 and a debt-to-equity ratio of 3.10. The firm has a market cap of $124.34 billion, a P/E ratio of 19.09, a P/E/G ratio of 4.80 and a beta of 0.46. Lockheed Martin has a fifty-two week low of $393.77 and a fifty-two week high of $526.69. The business has a 50-day moving average price of $468.42 and a 200 day moving average price of $453.45.

Lockheed Martin (NYSE:LMT) last announced its quarterly earnings data on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share for the quarter, beating the consensus estimate of $6.45 by $0.66. The firm had revenue of $18.12 billion during the quarter, compared to analyst estimates of $17.05 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. Lockheed Martin’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $6.73 earnings per share. On average, sell-side analysts forecast that Lockheed Martin will post 26.43 earnings per share for the current fiscal year.

Lockheed Martin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $3.15 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $12.60 annualized dividend and a dividend yield of 2.42%. Lockheed Martin’s dividend payout ratio is presently 46.10%.

Insider Transactions at Lockheed Martin

In other news, insider Timothy S. Cahill sold 3,975 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $515.36, for a total transaction of $2,048,556.00. Following the completion of the transaction, the insider now directly owns 8,877 shares in the company, valued at $4,574,850.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.17% of the company’s stock.

About Lockheed Martin

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.