Lockheed Martin Corporation (LMT) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS
Lockheed Martin Corporation (NYSE:LMT) announced its earnings results on Tuesday. The aerospace company reported $3.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.02), Bloomberg Earnings reports. The business had revenue of $12.17 billion for the quarter, compared to analysts’ expectations of $12.83 billion. Lockheed Martin Corporation had a net margin of 10.37% and a return on equity of 221.92%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.61 earnings per share.
Lockheed Martin Corporation (NYSE LMT) opened at 313.15 on Wednesday. The company has a market capitalization of $90.18 billion, a P/E ratio of 18.17 and a beta of 0.59. Lockheed Martin Corporation has a 52 week low of $236.21 and a 52 week high of $322.19. The firm has a 50-day moving average of $310.74 and a 200-day moving average of $290.93.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a $2.00 dividend. This is an increase from Lockheed Martin Corporation’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Saturday, September 30th. Lockheed Martin Corporation’s dividend payout ratio is currently 42.52%.
Lockheed Martin Corporation declared that its Board of Directors has approved a share buyback program on Thursday, September 28th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the aerospace company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Lockheed Martin Corporation news, VP Brian P. Colan sold 350 shares of Lockheed Martin Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $107,166.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Orlando D. Carvalho sold 8,870 shares of Lockheed Martin Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $307.95, for a total transaction of $2,731,516.50. Following the sale, the insider now owns 27,728 shares of the company’s stock, valued at $8,538,837.60. The disclosure for this sale can be found here. 0.39% of the stock is owned by company insiders.
Several brokerages have recently issued reports on LMT. Stifel Nicolaus upped their target price on shares of Lockheed Martin Corporation from $320.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank Of Canada decreased their target price on shares of Lockheed Martin Corporation from $327.00 to $316.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Vetr upgraded shares of Lockheed Martin Corporation from a “buy” rating to a “strong-buy” rating and set a $358.97 target price on the stock in a research report on Wednesday, October 4th. Buckingham Research upped their price target on shares of Lockheed Martin Corporation from $316.00 to $348.00 and gave the company a “buy” rating in a report on Thursday, October 5th. Finally, Zacks Investment Research downgraded shares of Lockheed Martin Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Lockheed Martin Corporation has a consensus rating of “Buy” and a consensus price target of $315.86.
About Lockheed Martin Corporation
Lockheed Martin Corporation is a security and aerospace company. The Company operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.
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