Lockheed Martin (NYSE:LMT) Updates FY24 Earnings Guidance

Lockheed Martin (NYSE:LMT) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $25.65-26.35 for the period, compared to the consensus EPS 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 Up 1.3 %

Shares of NYSE LMT opened at $465.19 on Friday. The stock has a market cap of $111.62 billion, a PE ratio of 17.02, a P/E/G ratio of 4.20 and a beta of 0.48. The company has a current ratio of 1.30, a quick ratio of 1.03 and a debt-to-equity ratio of 2.89. Lockheed Martin has a 12-month low of $393.77 and a 12-month high of $479.50. The company has a 50-day moving average of $443.00 and a 200 day moving average of $444.29.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LMT. Royal Bank of Canada cut their price objective on shares of Lockheed Martin from $475.00 to $470.00 and set a sector perform rating for the company in a research report on Wednesday, January 24th. UBS Group lifted their target price on shares of Lockheed Martin from $482.00 to $499.00 and gave the stock a neutral rating in a research note on Wednesday. Morgan Stanley reduced their target price on shares of Lockheed Martin from $513.00 to $503.00 and set an equal weight rating on the stock in a research note on Wednesday, January 24th. Wells Fargo & Company lifted their target price on shares of Lockheed Martin from $460.00 to $480.00 and gave the stock an equal weight rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised shares of Lockheed Martin from a neutral rating to an overweight rating and lifted their target price for the stock from $475.00 to $518.00 in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $485.40.

Insider Buying and Selling at Lockheed Martin

In other Lockheed Martin news, insider Gregory M. Ulmer sold 6,204 shares of Lockheed Martin stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $431.19, for a total transaction of $2,675,102.76. Following the completion of the sale, the insider now directly owns 12,604 shares in the company, valued at $5,434,718.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO John Frank A. St sold 6,648 shares of Lockheed Martin stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $425.35, for a total value of $2,827,726.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gregory M. Ulmer sold 6,204 shares of Lockheed Martin stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $431.19, for a total transaction of $2,675,102.76. Following the completion of the transaction, the insider now 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. Insiders sold a total of 16,874 shares of company stock worth $7,249,946 over the last three months. Insiders own 0.17% of the company’s stock.

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.