Lockheed Martin (NYSE:LMT) Updates FY 2024 Earnings Guidance

Lockheed Martin (NYSE:LMT) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 26.650-26.650 for the period, compared to the consensus EPS estimate of 26.380. The company issued revenue guidance of $71.3 billion-$71.3 billion, compared to the consensus revenue estimate of $71.1 billion. Lockheed Martin also updated its FY24 guidance to $26.65 EPS.

Analyst Ratings Changes

Several brokerages have weighed in on LMT. TD Cowen raised shares of Lockheed Martin to a “strong-buy” rating in a research note on Tuesday, October 8th. Morgan Stanley boosted their target price on Lockheed Martin from $503.00 to $599.00 and gave the company an “equal weight” rating in a research report on Friday, August 9th. Bank of America reaffirmed a “buy” rating and issued a $635.00 price objective on shares of Lockheed Martin in a research note on Friday, August 30th. Citigroup increased their target price on Lockheed Martin from $570.00 to $700.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Melius upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating and set a $704.00 price target on the stock in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $597.92.

Lockheed Martin Price Performance

Shares of NYSE:LMT opened at $614.69 on Tuesday. Lockheed Martin has a one year low of $413.92 and a one year high of $618.95. The stock has a market capitalization of $147.49 billion, a price-to-earnings ratio of 22.49, a PEG ratio of 4.84 and a beta of 0.47. The company has a 50-day simple moving average of $579.45 and a 200-day simple moving average of $512.24. The company has a debt-to-equity ratio of 3.10, a quick ratio of 1.07 and a current ratio of 1.24.

Lockheed Martin (NYSE:LMT) last posted its quarterly earnings data on Tuesday, July 23rd. The aerospace company reported $7.11 EPS for the quarter, beating the consensus estimate of $6.45 by $0.66. 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 during the quarter, compared to the consensus estimate of $17.05 billion. During the same period in the prior year, the business earned $6.73 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, analysts predict that Lockheed Martin will post 26.68 EPS for the current year.

Lockheed Martin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 2nd will be paid a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Monday, December 2nd. This is a boost from Lockheed Martin’s previous quarterly dividend of $3.15. Lockheed Martin’s dividend payout ratio is 48.30%.

Insider Activity at Lockheed Martin

In other Lockheed Martin news, insider Timothy S. Cahill sold 3,975 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 8,877 shares in the company, valued at approximately $4,574,850.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by 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.