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Stock Update (NYSE:LMT): U.S. agency rejects Boeing protest of Northrop bomber contract

[Reuters] – A U.S. government agency on Tuesday rejected a protest filed by Boeing Co and Lockheed Martin Corp against a multibillion-dollar bomber contract awarded to Northrop Grumman Corp by the U.S. Air Force in October. The decision by the U.S. Government Accountability Office marked another setback for Boeing, which is facing job cuts in its commercial division and a reported federal investigation into whether it properly accounted for two jetliners, the 747 and 787. Ralph White, GAO’s managing associate general counsel for procurement law, said the GAO found no basis to sustain or uphold the protest against the Northrop contract, which analysts value at over $80 billion. Read more on this. Lockheed Martin Corporation (LMT) , with a current market cap of $63.38B, opened at $207.52. Today’s price range has been between $206.85 and $209.49 per share and has traded between $181.91 and $227.91 over the past 12 months. Lockheed Martin (LMT) shares are currently priced at 17.56x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry ’s 40.18x earnings multiple for the same period. And for income investors, the company pays shareholders $6.60 per share annually in dividends, yielding 3.20%. According to a consensus of 17 analysts, the earnings estimate of $2.59 per share would be $0.15 worse than the year-ago quarter and a $0.19 sequential decrease. The full-year EPS estimate is $11.80, which would be a $0.96 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $11.32 Billion. If reported, that would be a 11.97% increase over the year-ago quarter. More recently, 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 $234.87, which is 13.18% above where the stock opened. See more in (NYSE:LMT) Similar Articles: Stock Update (NYSE:LMT): U.S. GAO dismisses Lockheed’s protest of $6.75 bln Army contract to Oshkosh Stock Update: Lockheed Martin Corporation (NYSE:LMT) – Northrop’s long-range U.S. bomber work paused after protest Market Update (NYSE:BA): Boeing, Lockheed Martin Protest Air Force Bomber Contract Award
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