Lockheed Martin (NYSE:LMT) Announces Earnings Results, Beats Estimates By $0.66 EPS

Lockheed Martin (NYSE:LMT) released its quarterly earnings results on Tuesday. The aerospace company reported $7.11 earnings per share for the quarter, topping the consensus estimate of $6.45 by $0.66, Briefing.com reports. The business had revenue of $18.12 billion during the quarter, compared to analysts’ expectations of $17.05 billion. Lockheed Martin had a return on equity of 90.61% and a net margin of 9.48%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $6.73 EPS. Lockheed Martin updated its FY24 guidance to $26.10-26.60 EPS and its FY 2024 guidance to 26.100-26.600 EPS.

Lockheed Martin Trading Up 0.6 %

LMT traded up $2.92 during trading on Thursday, hitting $518.12. The company’s stock had a trading volume of 48,685 shares, compared to its average volume of 1,072,028. The stock’s fifty day moving average price is $467.28 and its 200-day moving average price is $452.98. The firm has a market capitalization of $124.32 billion, a P/E ratio of 18.85, a PEG ratio of 4.67 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. Lockheed Martin has a twelve month low of $393.77 and a twelve month high of $519.59.

Lockheed Martin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 dividend on an annualized basis and a yield of 2.43%. Lockheed Martin’s payout ratio is currently 46.10%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LMT. Royal Bank of Canada lifted their price objective on Lockheed Martin from $470.00 to $500.00 and gave the company a “sector perform” rating in a report on Wednesday. TD Cowen upgraded shares of Lockheed Martin from a “hold” rating to a “buy” rating and increased their price objective for the stock from $480.00 to $560.00 in a research note on Wednesday. Citigroup increased their price target on shares of Lockheed Martin from $508.00 to $525.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. UBS Group lifted their price target on Lockheed Martin from $511.00 to $538.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Lockheed Martin from $487.00 to $540.00 and gave the company a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $509.64.

Lockheed Martin Company Profile

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.