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 Price Performance

NYSE LMT opened at $461.54 on Tuesday. The firm’s fifty day simple moving average is $440.67 and its two-hundred day simple moving average is $443.62. The company has a current ratio of 1.21, a quick ratio of 1.03 and a debt-to-equity ratio of 2.53. Lockheed Martin has a 12-month low of $393.77 and a 12-month high of $483.53. The firm has a market capitalization of $111.00 billion, a P/E ratio of 16.75, a P/E/G ratio of 4.23 and a beta of 0.48.

Lockheed Martin (NYSE:LMT) last announced its quarterly earnings data on Tuesday, January 23rd. The aerospace company reported $7.90 earnings per share for the quarter, beating analysts’ consensus estimates of $7.26 by $0.64. The firm had revenue of $18.87 billion for the quarter, compared to analyst estimates of $17.96 billion. Lockheed Martin had a net margin of 10.24% and a return on equity of 79.91%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $7.79 earnings per share. Analysts forecast that Lockheed Martin will post 26.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on LMT shares. Morgan Stanley dropped their price objective on shares of Lockheed Martin from $513.00 to $503.00 and set an equal weight rating on the stock in a report on Wednesday, January 24th. Susquehanna lowered their price target on shares of Lockheed Martin from $550.00 to $540.00 and set a positive rating on the stock in a report on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on Lockheed Martin from $438.00 to $472.00 in a research note on Monday, January 22nd. Royal Bank of Canada decreased their price objective on Lockheed Martin from $475.00 to $470.00 and set a sector perform rating for the company in a report on Wednesday, January 24th. Finally, UBS Group dropped their target price on Lockheed Martin from $488.00 to $475.00 and set a neutral rating on the stock in a report on Wednesday, January 24th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $486.78.

Insider Buying and Selling

In other Lockheed Martin news, insider Gregory M. Ulmer sold 6,204 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 12,604 shares of the company’s stock, valued at $5,434,718.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Maryanne Lavan sold 4,022 shares of Lockheed Martin stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $434.39, for a total value of $1,747,116.58. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Gregory M. Ulmer sold 6,204 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $431.19, for a total value of $2,675,102.76. Following the transaction, the insider now directly owns 12,604 shares of the company’s stock, valued at approximately $5,434,718.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,874 shares of company stock valued at $7,249,946. 0.14% of the stock is owned by company 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.