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

Lockheed Martin (NYSE:LMT) posted 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. The firm had revenue of $17.20 billion for the quarter, compared to analysts’ expectations of $16.04 billion. Lockheed Martin had a net margin of 9.73% and a return on equity of 85.96%. The firm’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 Price Performance

NYSE:LMT traded down $4.00 during mid-day trading on Friday, reaching $460.78. 114,090 shares of the stock were exchanged, compared to its average volume of 1,158,185. Lockheed Martin has a 1-year low of $393.77 and a 1-year high of $479.50. The company has a current ratio of 1.30, a quick ratio of 1.03 and a debt-to-equity ratio of 2.89. The firm has a market capitalization of $110.56 billion, a PE ratio of 17.02, a PEG ratio of 4.20 and a beta of 0.48. The business has a fifty day moving average price of $443.00 and a 200 day moving average price of $444.29.

Analyst Ratings Changes

LMT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft lifted their target price on Lockheed Martin from $467.00 to $487.00 and gave the stock a “hold” rating in a research report on Thursday. UBS Group increased their target price on shares of Lockheed Martin from $482.00 to $499.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com raised shares of Lockheed Martin from a “buy” rating to a “strong-buy” rating in a report on Thursday. Wells Fargo & Company increased their price target on Lockheed Martin from $460.00 to $480.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Susquehanna reduced their price objective on Lockheed Martin from $550.00 to $540.00 and set a “positive” rating for the company in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $485.40.

Insider Buying and Selling at Lockheed Martin

In related news, 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 transaction of $2,675,102.76. Following the completion of the sale, the insider now directly owns 12,604 shares in the company, valued at $5,434,718.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Gregory M. Ulmer sold 6,204 shares of the company’s stock in a transaction 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 directly owns 12,604 shares of the company’s stock, valued at $5,434,718.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Maryanne Lavan sold 4,022 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $434.39, for a total value 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. 0.17% of the stock is owned by insiders.

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.