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Stock Update: Lockheed Martin Corporation (NYSE:LMT) – Lockheed government IT unit to lay off close to 200 ahead of Leidos deal

[at American City Business Journals] – Bethesda-based Lockheed Martin Corp. plans to lay off “less than 200” workers in its information systems and global solutions segment, a company spokesman confirmed. “IS&GS did inform certain employees that they would be laid off this month,” said spokesman William Phelps. “While such decisions are always difficult, in order to reman competitive all of our business areas including IS&GS are continuously adjusting their staffing levels to match the customer needs.” The layoffs come just months after the division announced it was going to lay off 500 workers in the government IT segment in November 2015. Read more on this. Lockheed Martin Corporation (LMT) , with a current market cap of $69.21B, began trading this morning at $226.60. Today’s price range has been between $225.60 and $227.87 per share with the price of the stock fluctuating between $181.91 to $228.12 over the last 52 weeks. LMT shares are currently priced at 19.16x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 22.04x earnings multiple. And for those looking to make a return holding the stock, the company pays shareholders $6.60 per share annually in dividends, yielding 2.91%. Consensus earnings for the current quarter by the 18 sell-side analysts covering the stock is an estimate of $2.59 per share, which would be $0.15 worse than the year-ago quarter and a $0.19 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $11.80 is a $0.96 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $11.36 Billion. If reported, that would be a 12.36% increase over the year-ago quarter. In terms of ratings, Berenberg Initiated LMT at Buy (Mar 17, 2016). Previously, Guggenheim Initiated LMT at to Buy. Given all the information above, we should disclose to readers that the average price target is $234.88, which is 3.65% above than it opened this morning. See more in (NYSE:LMT) Similar Articles: Stock Update: Lockheed Martin Corporation (NYSE:LMT) – Lockheed government IT unit to layoff close to 200 ahead of Leidos deal Stock Update: Lockheed Martin Corporation (NYSE:LMT) – Lockheed Martin Announces First Quarter 2016 Stock Update (NYSE:LMT): Lockheed Martin separating unit, combining it with Leidos
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