Lockheed Martin (NYSE:LMT) Updates FY24 Earnings Guidance

Lockheed Martin (NYSE:LMT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $26.65 for the period, compared to the consensus earnings per share estimate of $26.53. The company issued revenue guidance of approx $71.25 billion, compared to the consensus revenue estimate of $71.23 billion. Lockheed Martin also updated its FY 2024 guidance to 26.650-26.650 EPS.

Analyst Ratings Changes

A number of research firms have weighed in on LMT. Citigroup increased their price objective on Lockheed Martin from $570.00 to $700.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Morgan Stanley lifted their price objective on shares of Lockheed Martin from $503.00 to $599.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Barclays raised their target price on shares of Lockheed Martin from $480.00 to $505.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. TD Cowen upgraded shares of Lockheed Martin to a “strong-buy” rating in a research note on Tuesday, October 8th. Finally, Melius Research upgraded shares of Lockheed Martin to a “strong-buy” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $597.92.

Lockheed Martin Stock Performance

NYSE LMT opened at $606.20 on Tuesday. The business has a 50 day moving average price of $579.45 and a 200 day moving average price of $512.24. The company has a market capitalization of $145.45 billion, a P/E ratio of 22.49, a PEG ratio of 4.84 and a beta of 0.47. Lockheed Martin has a 1-year low of $413.92 and a 1-year high of $618.95. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.24 and a quick ratio of 1.07.

Lockheed Martin (NYSE:LMT) last announced its quarterly earnings results on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share for the quarter, beating analysts’ consensus estimates of $6.45 by $0.66. The business had revenue of $18.12 billion during the quarter, compared to analysts’ expectations of $17.05 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $6.73 earnings per share. Sell-side analysts expect that Lockheed Martin will post 26.68 EPS for the current fiscal year.

Lockheed Martin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 2nd will be issued a dividend of $3.30 per share. This is an increase from Lockheed Martin’s previous quarterly dividend of $3.15. This represents a $13.20 annualized dividend and a yield of 2.18%. The ex-dividend date is Monday, December 2nd. Lockheed Martin’s dividend payout ratio (DPR) is 48.30%.

Insiders Place Their Bets

In other news, insider Timothy S. Cahill sold 3,975 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $515.36, for a total value of $2,048,556.00. Following the sale, the insider now directly owns 8,877 shares in the company, valued at $4,574,850.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

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.