Lockheed Martin shares gain for a third straight session on Friday, company awarded contract for GPS satellites by US Air Force

Lockheed Martin Corporation (LMT) has been awarded a contract by the US Air Force to manufacture 22 Global Positioning System satellites estimated at about $7.2 billion. The GPS III follow-on satellites will be ready for launch into orbit as early as 2026, the Air Force said.

Lockheed Martin shares closed higher for a third consecutive trading session in New York on Friday. The stock went up 1.36% ($4.52) to $335.80, after touching an intraday high at $336.50, or a price level not seen since April 25th ($337.15).

Shares of Lockheed Martin Corporation have risen 4.59% so far in 2018 compared with an 8.65% gain for the underlying index, S&P 500 (SPX).

In 2017, Lockheed Martin’s stock surged 28.45%, thus, it outperformed the S&P 500, which registered a 19.42% return.

According to Lockheed, the GPS III is to be the most powerful GPS satellite ever launched in orbit, as it offers three times higher accuracy and eight times better anti-jamming capabilities. The first 10 out of the planned 32 GPS III satellites will be launched in orbit by the year 2023.

According to Johnathon Caldwell, Lockheeds program manager, the GPS system will be brought to a “whole new level” thanks to the GPS III follow-on contract.

“It takes full advantage of our flexible satellite design to incorporate additional new technology like a 100 percent digital navigation payload, regional military protection and new search and rescue payloads,” Johnathon Caldwell was quoted as saying by Reuters.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Lockheed Martin’s stock price, have a median target of $375.00, with a high estimate of $412.00 and a low estimate of $327.00. The median estimate represents an 11.67% upside compared to the closing price of $335.80 on September 14th.

The same media also reported that 11 out of 22 surveyed investment analysts had rated Lockheed Martin Corporation’s stock as “Buy”, while 10 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Lockheed Martin stock are presented as follows:

R1 – $336.44
R2 – $337.08
R3 (Range Resistance – Sell) – $337.73
R4 (Long Breakout) – $339.65
R5 (Breakout Target 1) – $341.90
R6 (Breakout Target 2) – $342.93

S1 – $335.16
S2 – $334.52
S3 (Range Support – Buy) – $333.88
S4 (Short Breakout) – $331.95
S5 (Breakout Target 1) – $329.70
S6 (Breakout Target 2) – $328.67

By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:

Central Pivot Point – $330.87
R1 – $341.43
R2 – $347.07
R3 – $357.63
R4 – $368.20

S1 – $325.23
S2 – $314.67
S3 – $309.03
S4 – $303.40

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