Lockheed Martin (NYSE:LMT) Issues Quarterly Earnings Results

Lockheed Martin (NYSE:LMT) announced its quarterly earnings results on Tuesday. The aerospace company reported $6.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $17.20 billion during the quarter, compared to analysts’ expectations of $16.04 billion. During the same period in the prior year, the company posted $6.43 EPS. The company’s revenue 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 Stock Performance

Shares of LMT traded down $1.47 during trading hours on Wednesday, hitting $458.61. The company’s stock had a trading volume of 344,864 shares, compared to its average volume of 1,166,227. The company has a market cap of $110.29 billion, a price-to-earnings ratio of 16.68, a PEG 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. The business has a 50 day simple moving average of $441.34 and a two-hundred day simple moving average of $444.04. Lockheed Martin has a 52-week low of $393.77 and a 52-week high of $480.92.

Analysts Set New Price Targets

Several equities analysts have issued reports on LMT shares. Citigroup decreased their price target on shares of Lockheed Martin from $540.00 to $508.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. UBS Group reduced 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. JPMorgan Chase & Co. raised shares of Lockheed Martin from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $475.00 to $518.00 in a research note on Monday, April 15th. 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 note on Wednesday, January 24th. Finally, Royal Bank of Canada reduced their price objective on shares of Lockheed Martin from $475.00 to $470.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $475.80.

Insider Transactions at Lockheed Martin

In other news, SVP Maryanne Lavan sold 4,022 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Lockheed Martin news, SVP Maryanne Lavan sold 4,022 shares of Lockheed Martin stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $434.39, for a total transaction of $1,747,116.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 sale, the insider now owns 12,604 shares of the company’s stock, valued at $5,434,718.76. The disclosure for this sale can be found here. Insiders sold 16,874 shares of company stock worth $7,249,946 over the last quarter. 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.