Lockheed Martin (NYSE:LMT) Issues 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 Performance

Shares of LMT traded down $1.47 during mid-day trading on Wednesday, hitting $458.61. 344,864 shares of the company’s stock were exchanged, compared to its average volume of 1,166,227. The firm has a market cap of $110.29 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 4.21 and a beta of 0.48. The stock’s 50-day simple moving average is $441.34 and its 200-day simple moving average is $444.04. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 2.53. Lockheed Martin has a 52 week low of $393.77 and a 52 week high of $480.92.

Lockheed Martin (NYSE:LMT) last released its earnings results on Tuesday, April 23rd. The aerospace company reported $6.33 EPS for the quarter, beating the consensus estimate of $5.80 by $0.53. Lockheed Martin had a net margin of 10.24% and a return on equity of 79.91%. The company had revenue of $17.20 billion for the quarter, compared to analyst estimates of $16.04 billion. During the same quarter last year, the firm earned $6.43 EPS. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, equities research analysts expect that Lockheed Martin will post 26.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upgraded Lockheed Martin from a neutral rating to an overweight rating and raised their price target for the company from $475.00 to $518.00 in a research note on Monday, April 15th. Susquehanna reduced their price target on shares of Lockheed Martin from $550.00 to $540.00 and set a positive rating for the company in a research report on Wednesday, January 24th. Morgan Stanley lowered their price target on 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. UBS Group dropped their target price on shares of Lockheed Martin from $488.00 to $475.00 and set a neutral rating for the company in a research report on Wednesday, January 24th. Finally, Citigroup dropped 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $475.80.

Insiders Place Their Bets

In related news, COO John Frank A. St sold 6,648 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $425.35, for a total transaction of $2,827,726.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Gregory M. Ulmer sold 6,204 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 12,604 shares in the company, valued at approximately $5,434,718.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO John Frank A. St sold 6,648 shares of the firm’s stock in a transaction on 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. In the last three months, insiders have sold 16,874 shares of company stock valued at $7,249,946. 0.14% of the stock is currently owned by company insiders.

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.