Lockheed Martin (NYSE:LMT) Issues Quarterly Earnings Results, Beats Expectations By $0.53 EPS

Lockheed Martin (NYSE:LMT) released its earnings results on Tuesday. The aerospace company reported $6.33 EPS for the quarter, topping analysts’ consensus estimates of $5.80 by $0.53, Briefing.com reports. The company had revenue of $17.20 billion for the quarter, compared to analysts’ expectations of $16.04 billion. Lockheed Martin had a net margin of 10.24% and a return on equity of 79.91%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the business earned $6.43 EPS. 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 Stock Down 0.3 %

NYSE LMT traded down $1.47 during trading hours on Wednesday, hitting $458.61. The company had a trading volume of 344,864 shares, compared to its average volume of 1,166,227. The firm’s 50 day moving average is $441.34 and its 200 day moving average is $444.04. The company has a market capitalization of $110.29 billion, a price-to-earnings ratio of 16.68, a P/E/G ratio of 4.21 and a beta of 0.48. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.21 and a quick ratio of 1.03. Lockheed Martin has a fifty-two week low of $393.77 and a fifty-two week high of $480.92.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LMT. UBS Group decreased their price target on Lockheed Martin from $488.00 to $475.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. The Goldman Sachs Group cut their price objective on shares of Lockheed Martin from $380.00 to $377.00 and set a “sell” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Lockheed Martin from $438.00 to $472.00 in a research report on Monday, January 22nd. JPMorgan Chase & Co. upgraded shares of Lockheed Martin from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $475.00 to $518.00 in a research report on Monday, April 15th. Finally, Susquehanna reduced their price objective on shares of Lockheed Martin from $550.00 to $540.00 and set a “positive” rating on the stock in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Lockheed Martin currently has a consensus rating of “Hold” and an average target price of $475.80.

Insider Activity at Lockheed Martin

In related news, SVP Maryanne Lavan sold 4,022 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were 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 can be accessed through this link. In related news, insider Gregory M. Ulmer sold 6,204 shares of the business’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 completion of the sale, the insider now directly owns 12,604 shares in the company, valued at approximately $5,434,718.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Maryanne Lavan sold 4,022 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $434.39, for a total transaction of $1,747,116.58. The disclosure for this sale can be found here. In the last three months, insiders sold 16,874 shares of company stock valued at $7,249,946. Corporate insiders own 0.14% of the company’s stock.

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.