MDA, a Maxar Technologies company, said on Monday that a contract worth CAD $4 million had been signed with Lockheed Martin Canada in relation with the initial phase of design work for the Canadian Surface Combatant (CSC) ships Electronic Warfare system.
The CSC Prime Contractor is Irving Shipbuilding, which is to construct 15 such ships at Halifax Shipyard.
Lockheed Martin shares closed higher for a third consecutive trading session in New York on Monday. The stock went up 1.38% ($4.13) to $304.29, after touching an intraday high at $306.08, or a price level not seen since March 6th ($308.35).
Shares of Lockheed Martin Corporation have risen 16.21% so far in 2019 compared with a 14.37% gain for the benchmark index, S&P 500 (SPX).
In 2018, Lockheed Martin’s stock went down 18.44%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
“MDA is very pleased to be able to play such a critical role in supplying systems for the Canadian Surface Combatant program,” Mike Greenley, group president of MDA, said in a statement.
“We are proud to support Lockheed Martin Canada by leveraging MDAs deep Canadian expertise in project management, system engineering, electronics, antennas, signal processing and software. This initial contract represents the first phase of what we anticipate will become a decades-long journey as a tier-1 partner on the Lockheed Martin Canada team,” Greenley added.
The CSC is a globally deployable warship capable of performing a variety of roles in any region of the globe and designed to meet the Royal Canadian Navys specific mission requirements. According to MDA, the CSC, which is purposed for anti-submarine warfare, is acoustically quiet, versatile, highly survivable as well as reconfigurable for future modernization.
According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Lockheed Martin’s stock price, have a median target of $338.00, with a high estimate of $405.00 and a low estimate of $290.00. The median estimate represents an 11.08% upside compared to the closing price of $304.29 on April 1st.
The same media also reported that 13 out of 23 surveyed investment analysts had rated Lockheed Martin Corporation’s stock as “Buy”, while 9 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Lockheed Martin Corporation (LMT) are presented as follows:
Central Pivot Point – $297.76
R1 – $302.99
R2 – $305.82
R3 – $311.05
R4 – $316.28
S1 – $294.93
S2 – $289.70
S3 – $286.87
S4 – $284.04
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