Lockheed Martin (NYSE:LMT) Issues FY24 Earnings Guidance

Lockheed Martin (NYSE:LMT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $26.10-26.60 for the period, compared to the consensus EPS 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.

Lockheed Martin Trading Up 1.9 %

Shares of Lockheed Martin stock traded up $9.63 during mid-day trading on Wednesday, hitting $510.92. The stock had a trading volume of 909,571 shares, compared to its average volume of 1,067,066. The firm has a market cap of $122.59 billion, a P/E ratio of 18.55, a price-to-earnings-growth ratio of 4.48 and a beta of 0.46. The company has a quick ratio of 1.11, a current ratio of 1.30 and a debt-to-equity ratio of 2.89. The firm has a 50-day moving average of $466.26 and a two-hundred day moving average of $452.54. Lockheed Martin has a 12-month low of $393.77 and a 12-month high of $513.08.

Lockheed Martin (NYSE:LMT) last issued its quarterly earnings data on Tuesday, July 23rd. The aerospace company reported $7.11 earnings per share for the quarter, topping the consensus estimate of $6.45 by $0.66. Lockheed Martin had a return on equity of 85.96% and a net margin of 9.73%. The company had revenue of $18.12 billion during the quarter, compared to analyst estimates of $17.05 billion. During the same period in the prior year, the business posted $6.73 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Sell-side analysts forecast that Lockheed Martin will post 26.1 earnings per share for the current year.

Lockheed Martin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 3rd will be issued a $3.15 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $12.60 annualized dividend and a yield of 2.47%. Lockheed Martin’s dividend payout ratio (DPR) is currently 46.10%.

Analyst Upgrades and Downgrades

LMT has been the subject of a number of recent analyst reports. The Goldman Sachs Group dropped their price target on shares of Lockheed Martin from $380.00 to $377.00 and set a sell rating for the company in a research report on Tuesday, April 23rd. UBS Group lifted their target price on shares of Lockheed Martin from $511.00 to $538.00 and gave the company a neutral rating in a report on Wednesday. JPMorgan Chase & Co. upgraded Lockheed Martin from a neutral rating to an overweight rating and upped their price target for the stock from $475.00 to $518.00 in a research note on Monday, April 15th. Wells Fargo & Company lifted their price objective on Lockheed Martin from $483.00 to $525.00 and gave the company an equal weight rating in a research note on Wednesday. Finally, Susquehanna increased their target price on Lockheed Martin from $540.00 to $565.00 and gave the stock a positive rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $502.09.

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.