Lockheed Martin shares rebound on Wednesday, company delivers the 500th F-35 jet

Lockheed Martin Corp (LMT) said earlier this week that it had delivered the 500th F-35 jet. The latter is a US Air Force F-35A, which will be delivered to the Burlington Air National Guard Base in Vermont.

Lockheed Martin shares closed higher for the fourth time in the past ten trading sessions in New York on Wednesday. It has also been the sharpest single-session gain in at least four years. The stock went up 6.52% ($24.60) to $402.00, after touching an intraday high at $402.81, or a price level not seen since February 26th ($410.52).

Shares of Lockheed Martin Corporation have risen 3.24% so far in 2020 compared with a 3.12% loss for the benchmark index, S&P 500 (SPX).

In 2019, Lockheed Martin’s stock went up 48.71%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.

Among those 500 F-35 jets, 354 are F-35A conventional takeoff and landing variants, 108 are F-35B short takeoff/vertical landing variants and 38 are F-35C carrier variants, delivered to US and international clients.

“These milestones are a testament to the talent and dedication of the joint government, military and industry teams,” Greg Ulmer, vice president and general manager of Lockheed Martin’s F-35 program, said in a press release.

“The F-35 is delivering an unprecedented 5th Generation combat capability to the warfighter at the cost of a 4th Generation legacy aircraft,” Ulmer added.

Analyst stock price forecast and recommendation

According to CNN Money, the 17 analysts, offering 12-month forecasts regarding Lockheed Martin’s stock price, have a median target of $453.00, with a high estimate of $520.00 and a low estimate of $435.00. The median estimate represents a 12.69% upside compared to the closing price of $402.00 on March 4th.

The same media also reported that at least 10 out of 20 surveyed investment analysts had rated Lockheed Martin Corporation’s stock as “Hold”, while 9 – as “Buy”.