Stock Update (NYSE:LMT): U.S. GAO dismisses Lockheed’s protest of $6.75 bln Army contract to Oshkosh

[Reuters] – The U.S. Government Accountability Office said on Tuesday it has dismissed Lockheed Martin Corp’s protest of a $6.75 billion Army contract for next generation Humvees to Oshkosh. GAO said its decision was based on Lockheed’s announcement that it would file a protest in the case with the U.S. Court of Federal Claims. “Our office will not decide a protest where the matter involved is the subject of litigation before a court of competent jurisdiction,” the GAO said in a statement. Read more on this. Lockheed Martin Corporation (LMT) , currently valued at $66.30B, started the session at $217.00. Today’s price range has been between $215.68 and $217.24 per share with a one year range of $181.91 to $227.91. LMT shares are currently priced at 19.28x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 31.63x earnings multiple for the same period. And for income investors, the company pays shareholders $6.60 per share annually in dividends, yielding 3.04%. Consensus earnings for the current quarter by the 18 sell-side analysts covering the stock is an estimate of $2.91 per share, which would be $0.10 worse than the year-ago quarter and a $0.10 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $11.35 would be a $0.05 worse 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 $12.22 Billion. If realized, that would be a 2.47% decrease over the year-ago quarter. More recently, Sterne Agee CRT upgraded LMT from Neutral to Buy (Aug 20, 2015). Previously, JP Morgan Initiated LMT at to Overweight. Given all the information above, we should disclose to readers that the average price target is $227.38, which is 4.78% above than it opened this morning. See more in (NYSE:LMT) Similar Articles: Stock Update: Lockheed Martin Corporation (NYSE:LMT) – Northrop’s long-range U.S. bomber work paused after protest Stock Update (NYSE:LMT): U.S. Air Force Awards Lockheed Martin Majority Share of Paveway™ II Plus Laser Guided Bomb Contract Company Update: Lockheed Martin Corporation (NYSE:LMT) – Sikorsky takeover will not affect helicopter program -U.S. Army