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 $25.65-26.35 for the period, compared to the consensus earnings per share estimate of $26.05. The company issued revenue guidance of $68.50-70.00 billion, compared to the consensus revenue estimate of $69.52 billion. Lockheed Martin also updated its FY 2024 guidance to 25.650-26.350 EPS.

Lockheed Martin Stock Performance

Shares of NYSE LMT traded up $6.05 during mid-day trading on Thursday, hitting $465.19. The company had a trading volume of 927,138 shares, compared to its average volume of 1,171,864. The company has a market capitalization of $111.87 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 4.21 and a beta of 0.48. Lockheed Martin has a 1 year low of $393.77 and a 1 year high of $479.50. The company has a current ratio of 1.30, a quick ratio of 1.03 and a debt-to-equity ratio of 2.89. The stock’s 50-day moving average price is $443.00 and its 200-day moving average price is $444.29.

Lockheed Martin (NYSE:LMT) last announced its quarterly earnings results on Tuesday, April 23rd. The aerospace company reported $6.33 earnings per share for the quarter, beating the consensus estimate of $5.80 by $0.53. The company had revenue of $17.20 billion during the quarter, compared to analysts’ expectations of $16.04 billion. Lockheed Martin had a return on equity of 85.96% and a net margin of 9.73%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the business earned $6.43 earnings per share. On average, sell-side analysts forecast that Lockheed Martin will post 26.04 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on LMT. UBS Group lifted their price objective on Lockheed Martin from $482.00 to $499.00 and gave the company a neutral rating in a research note on Wednesday. Citigroup lifted 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. Susquehanna dropped their price objective on Lockheed Martin from $550.00 to $540.00 and set a positive rating for the company in a research note on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on Lockheed Martin from $467.00 to $487.00 and gave the company a hold rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their price objective on Lockheed Martin from $460.00 to $480.00 and gave the company an equal weight rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $485.40.

Insiders Place Their Bets

In other news, insider Gregory M. Ulmer sold 6,204 shares of Lockheed Martin stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $431.19, for a total value of $2,675,102.76. Following the transaction, the insider now owns 12,604 shares in the company, valued at $5,434,718.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Gregory M. Ulmer sold 6,204 shares of Lockheed Martin stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $431.19, for a total value of $2,675,102.76. Following the transaction, the insider now owns 12,604 shares in the company, valued at $5,434,718.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO John Frank A. St sold 6,648 shares of Lockheed Martin stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $425.35, for a total value of $2,827,726.80. The disclosure for this sale can be found here. Insiders sold a total of 16,874 shares of company stock valued at $7,249,946 over the last 90 days. 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.