Lockheed Martin (NYSE:LMT) Posts Earnings Results

Lockheed Martin (NYSE:LMT) announced its quarterly earnings results on Tuesday. The aerospace company reported $6.33 earnings per share for the quarter, beating analysts’ consensus estimates of $5.80 by $0.53, Briefing.com reports. Lockheed Martin had a net margin of 10.24% and a return on equity of 79.91%. The business had revenue of $17.20 billion during the quarter, compared to analysts’ expectations of $16.04 billion. During the same period last year, the business earned $6.43 earnings per share. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. Lockheed Martin updated its FY24 guidance to $25.65-26.35 EPS and its FY 2024 guidance to 25.650-26.350 EPS.

Lockheed Martin Price Performance

Shares of NYSE LMT traded down $2.36 during trading on Wednesday, hitting $457.72. 104,963 shares of the company were exchanged, compared to its average volume of 1,163,435. Lockheed Martin has a 1 year low of $393.77 and a 1 year high of $480.92. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.21 and a quick ratio of 1.03. The firm’s fifty day moving average price is $441.34 and its 200 day moving average price is $444.04. The company has a market cap of $110.08 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 4.21 and a beta of 0.48.

Analyst Ratings Changes

LMT has been the subject of several recent research reports. Citigroup lowered their price objective on shares of Lockheed Martin from $540.00 to $508.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Lockheed Martin from $438.00 to $472.00 in a report on Monday, January 22nd. Susquehanna cut their target price 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. JPMorgan Chase & Co. raised shares of Lockheed Martin from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $475.00 to $518.00 in a report on Monday, April 15th. Finally, UBS Group dropped their price objective on shares of Lockheed Martin from $488.00 to $475.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $475.80.

Insider Buying and Selling

In related news, COO John Frank A. St sold 6,648 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $425.35, for a total value of $2,827,726.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Gregory M. Ulmer sold 6,204 shares of the company’s 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 transaction, the insider now owns 12,604 shares of the company’s stock, valued at approximately $5,434,718.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO John Frank A. St sold 6,648 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $425.35, for a total transaction of $2,827,726.80. The disclosure for this sale can be found here. Insiders have sold 16,874 shares of company stock worth $7,249,946 in the last three months. Corporate insiders own 0.14% 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.