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Market Update (NYSE:LMT): Lockheed Martin Awarded Contract to Continue Victoria Class Submarine Fire Control Support

[PR Newswire] – OTTAWA, Ontario, July 5, 2016 /PRNewswire/ — The Government of Canada has awarded Lockheed Martin (LMT) a $14.5 million contract to provide long-term, full-spectrum support for the Submarine Fire Control System (SFCS) installed on all four Victoria-class submarines and land based team trainers. The scope of the contract will contain in service and field service support, obsolescence management, and technical investigations as requested by the Department of National Defence. The fire control system is critical for the submarine weapon firing capability as well as for providing a tactical picture compilation of all available acoustic and non-acoustic sensors. Read more on this. Lockheed Martin Corporation (LMT) , with a current value of $76.09B, started trading this morning at $248.80. Looking at today’s market, LMT one day range is $248.61 to $250.38 and has traded between $181.91 and $250.38 over the past 12 months. LMT shares are currently priced at 21.04x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 26.10x forward p/e ratio. The company pays shareholders $6.60 per share in dividend income per year, for a current yield of 2.65%. According to a consensus of 16 analysts, the earnings estimate of $2.91 per share would be $0.03 worse than the year-ago quarter and a $0.02 sequential decrease. The full-year EPS estimate is $11.85 which would be a $0.53 improvement than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $12.56 Billion. If realized, that would be a 7.90% increase over the year-ago quarter. In terms of ratings, Berenberg downgraded LMT from Buy to Hold (May 31, 2016). Previously, RBC Capital Mkts downgraded LMT from Outperform to Sector Perform. Investors should keep in mind is that the average price target is $242.86, which is 2.39% below where the stock opened this morning. See more in (NYSE:LMT) Similar Articles: Stock Update (NYSE:LMT): Lockheed Martin Awarded Contract for Pilot Survivability Training with the Naval Air Warfare Center – Weapons Division Company Update: Lockheed Martin Corporation (NYSE:LMT) – Lockheed Martin, Raytheon units win $649.7 mln U.S. defense contract -Pentagon Company Update (NYSE:LMT): Systems Made Simple, a Lockheed Martin Company, Awarded Department of Veteran’s Affairs Health IT Contract
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