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

Lockheed Martin (NYSE:LMT) updated its FY 2024 earnings guidance on Tuesday. 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.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. 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, July 24th. Morgan Stanley boosted their price objective on shares of Lockheed Martin from $503.00 to $599.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. Royal Bank of Canada boosted their price objective on shares of Lockheed Martin from $600.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Melius Research upgraded shares of Lockheed Martin to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Bank of America restated a “buy” rating and issued a $635.00 price objective on shares of Lockheed Martin in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $599.21.

Lockheed Martin Price Performance

Lockheed Martin stock traded up $3.55 during mid-day trading on Wednesday, hitting $580.53. The stock had a trading volume of 106,829 shares, compared to its average volume of 1,048,353. The firm has a market capitalization of $139.29 billion, a P/E ratio of 21.15, a P/E/G ratio of 4.84 and a beta of 0.47. Lockheed Martin has a one year low of $413.92 and a one year high of $618.95. The company has a current ratio of 1.24, a quick ratio of 1.07 and a debt-to-equity ratio of 3.10. The firm’s 50 day moving average is $579.79 and its 200 day moving average is $513.10.

Lockheed Martin (NYSE:LMT) last announced its quarterly earnings results on Tuesday, October 22nd. The aerospace company reported $6.84 EPS for the quarter, topping the consensus estimate of $6.50 by $0.34. The business had revenue of $17.10 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Lockheed Martin had a net margin of 9.48% and a return on equity of 95.03%. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.77 EPS. On average, sell-side analysts forecast that Lockheed Martin will post 26.68 earnings per share for the current fiscal year.

Lockheed Martin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 2nd will be paid a $3.30 dividend. The ex-dividend date is Monday, December 2nd. This represents a $13.20 annualized dividend and a yield of 2.27%. This is a boost from Lockheed Martin’s previous quarterly dividend of $3.15. Lockheed Martin’s payout ratio is presently 48.30%.

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.