Lockheed Martin (NYSE:LMT) Issues Quarterly Earnings Results, Beats Estimates By $0.34 EPS

Lockheed Martin (NYSE:LMT) issued its quarterly earnings results on Tuesday. The aerospace company reported $6.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.50 by $0.34, Briefing.com reports. The firm had revenue of $17.10 billion during the quarter, compared to the consensus estimate of $17.38 billion. Lockheed Martin had a return on equity of 95.03% and a net margin of 9.48%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the company posted $6.77 EPS. Lockheed Martin updated its FY24 guidance to $26.65 EPS and its FY 2024 guidance to 26.650-26.650 EPS.

Lockheed Martin Trading Down 0.2 %

Shares of LMT traded down $1.19 during trading hours on Wednesday, reaching $575.79. 404,261 shares of the company traded hands, compared to its average volume of 1,049,804. Lockheed Martin has a 12 month low of $413.92 and a 12 month high of $618.95. The company has a quick ratio of 1.07, a current ratio of 1.24 and a debt-to-equity ratio of 3.10. The company’s fifty day moving average price is $579.79 and its two-hundred day moving average price is $513.10. The company has a market capitalization of $138.15 billion, a price-to-earnings ratio of 21.07, a price-to-earnings-growth ratio of 4.84 and a beta of 0.47.

Lockheed Martin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 2nd will be issued a $3.30 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Lockheed Martin’s previous quarterly dividend of $3.15. This represents a $13.20 annualized dividend and a yield of 2.29%. Lockheed Martin’s dividend payout ratio is 48.30%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on LMT shares. Barclays upped their price objective on Lockheed Martin from $480.00 to $505.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Lockheed Martin from $560.00 to $630.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. StockNews.com raised shares of Lockheed Martin from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 10th. Susquehanna lowered their price target on shares of Lockheed Martin from $705.00 to $695.00 and set a “positive” rating for the company in a research note on Wednesday. Finally, Citigroup raised their price objective on Lockheed Martin from $570.00 to $700.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $603.86.

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.