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

Lockheed Martin (NYSE:LMT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 26.650-26.650 for the period, compared to the consensus earnings per share 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.

Lockheed Martin Stock Performance

Shares of NYSE:LMT traded down $31.82 during midday trading on Tuesday, hitting $582.79. The company’s stock had a trading volume of 597,440 shares, compared to its average volume of 1,044,312. The stock has a market capitalization of $139.83 billion, a price-to-earnings ratio of 22.49, a PEG ratio of 4.84 and a beta of 0.47. The stock’s 50 day simple moving average is $579.45 and its 200 day simple moving average is $512.24. Lockheed Martin has a fifty-two week low of $413.92 and a fifty-two week high of $618.95. 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 issued its quarterly earnings results on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.45 by $0.66. The company had revenue of $18.12 billion for the quarter, compared to the consensus estimate of $17.05 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $6.73 earnings per share. As a group, research analysts anticipate that Lockheed Martin will post 26.68 earnings per share for the current year.

Lockheed Martin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 2nd will be given a $3.30 dividend. This is an increase from Lockheed Martin’s previous quarterly dividend of $3.15. This represents a $13.20 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, December 2nd. Lockheed Martin’s dividend payout ratio (DPR) is currently 48.30%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LMT. Susquehanna lifted their target price on Lockheed Martin from $565.00 to $705.00 and gave the stock a “positive” rating in a research report on Thursday, October 17th. StockNews.com raised Lockheed Martin from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 10th. Bank of America reissued a “buy” rating and set a $635.00 target price on shares of Lockheed Martin in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on Lockheed Martin from $560.00 to $630.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Wells Fargo & Company lifted their target price on Lockheed Martin from $483.00 to $525.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $597.92.

Insider Activity

In other 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 value 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.17% of the stock is currently owned by corporate 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.