Lockheed Martin (NYSE:LMT) Releases Earnings Results, Beats Estimates By $0.53 EPS

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 analysts’ consensus estimates of $5.80 by $0.53, Briefing.com reports. The firm had revenue of $17.20 billion for the quarter, compared to the consensus estimate of $16.04 billion. Lockheed Martin had a return on equity of 79.91% and a net margin of 10.24%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the company posted $6.43 earnings per share. 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 NYSE LMT traded down $0.26 during trading on Wednesday, hitting $459.82. The company had a trading volume of 300,623 shares, compared to its average volume of 1,165,540. The stock has a 50 day simple moving average of $441.34 and a 200 day simple moving average of $444.04. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.03 and a current ratio of 1.21. Lockheed Martin has a 12 month low of $393.77 and a 12 month high of $480.92. The firm has a market capitalization of $110.58 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 4.21 and a beta of 0.48.

Insider Buying and Selling

In related news, SVP Maryanne Lavan sold 4,022 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $434.39, for a total transaction of $1,747,116.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Maryanne Lavan sold 4,022 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $434.39, for a total transaction of $1,747,116.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gregory M. Ulmer sold 6,204 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were 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 of the company’s stock, valued at approximately $5,434,718.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,874 shares of company stock worth $7,249,946. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LMT. 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 report on Wednesday, January 24th. Susquehanna lowered their price target on Lockheed Martin from $550.00 to $540.00 and set a “positive” rating on the stock in a report on Wednesday, January 24th. UBS Group lowered 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. JPMorgan Chase & Co. raised Lockheed Martin from a “neutral” rating to an “overweight” rating and upped their price target for the company from $475.00 to $518.00 in a report on Monday, April 15th. Finally, The Goldman Sachs Group lowered their target price on Lockheed Martin from $380.00 to $377.00 and set a “sell” rating on the stock in a report on Tuesday. One 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 company. According to MarketBeat.com, Lockheed Martin presently has a consensus rating of “Hold” and an average price target of $475.80.

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.