Lockheed Martin (NYSE:LMT) Releases Quarterly Earnings Results

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

Lockheed Martin Stock Performance

Lockheed Martin stock traded down $5.88 during trading hours on Wednesday, reaching $571.10. 1,293,007 shares of the stock were exchanged, compared to its average volume of 1,054,155. The stock has a market cap of $137.03 billion, a P/E ratio of 20.90, a P/E/G ratio of 4.84 and a beta of 0.47. The company has a debt-to-equity ratio of 3.10, a quick ratio of 1.07 and a current ratio of 1.24. Lockheed Martin has a 52-week low of $413.92 and a 52-week high of $618.95. The firm's 50 day moving average is $579.95 and its 200 day moving average is $513.50.

Lockheed Martin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 2nd will be given a dividend of $3.30 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $13.20 dividend on an annualized basis and a yield of 2.31%. This is an increase from Lockheed Martin's previous quarterly dividend of $3.15. Lockheed Martin's dividend payout ratio is presently 48.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Citigroup raised their target price on shares of Lockheed Martin from $570.00 to $700.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Melius upgraded shares of Lockheed Martin from a "hold" rating to a "buy" rating and set a $704.00 price objective for the company in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Lockheed Martin from $560.00 to $630.00 and gave the stock an "overweight" rating in a research note on Monday, October 14th. UBS Group lifted their price objective on shares of Lockheed Martin from $589.00 to $603.00 and gave the stock a "neutral" rating in a research note on Wednesday. Finally, Melius Research upgraded shares of Lockheed Martin to a "strong-buy" rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $606.71.

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.