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Company Update (NYSE:LMT): Bid to block Pakistan F-16 sale fails in U.S. Senate

[Reuters] – The U.S. Senate on Thursday blocked an effort to prevent the $700 million sale of Lockheed Martin Corp F-16 fighter jets to Pakistan. Lawmakers voted 71 to 24 against moving to a vote on a Resolution of Disapproval introduced by Republican Senator Rand Paul that would have prevented the sale under legislation known as the Arms Control Act. President Barack Obama’s administration announced on Feb. 12 that it had approved the sale to Pakistan of the aircraft, as well as radars and other equipment. Read more on this. Lockheed Martin Corporation (LMT) , with a current value of $65.62B, began trading this morning at $216.94. During today’s session, LMT traded between $215.67 to $218.52 and has traded between $181.91 and $227.91 over the past year. LMT shares are currently priced at 18.34x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 30.25x forward p/e ratio. The company pays shareholders $6.60 per share annually in dividends, yielding 3.02%. Consensus earnings for the current quarter by the 17 sell-side analysts covering the stock is an estimate of $2.60 per share, which would be $0.14 worse than the year-ago quarter and a $0.18 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $11.80 is a $0.96 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $11.32 Billion. If realized, that would be a 11.97% increase over the year-ago quarter. In terms of ratings, Guggenheim Initiated LMT at Buy (Jan 20, 2016). Previously, RBC Capital Mkts upgraded LMT from Sector Perform to Outperform. The average price target for LMT shares by the analysts covering it is $235.57, which is 8.59% above where the stock opened. See more in (NYSE:LMT) Similar Articles: Company Update (NYSE:LMT): U.S. senator does not expect Pakistan F-16 sale to be blocked Company Update (NYSE:LMT): Key U.S. senator wants hearing on possible F-16 sale to Pakistan Company Update: Lockheed Martin Corporation (NYSE:LMT) – U.S. okays sale of 8 Lockheed F-16 fighter jets to Pakistan -Pentagon
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