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Lockheed Martin shares close lower on Tuesday, weapons maker to deliver fewer than expected F-35 jets to the US next year

Lockheed Martin Corp (LMT) said earlier this week that it had agreed with the Pentagon to deliver 151 to 153 F-35 fighter jets in 2022, or fewer compared to the number it had earlier expected to deliver – 169 aircraft.

The defense company also said it would likely deliver 156 such aircraft to the United States starting in 2023 and for the “foreseeable future”.

The F-35 is the most advanced fighter jet operated by the United States, while Lockheed Martin has so far delivered more than 700 such jets to the country and its allies.

Lockheed Martin shares closed lower for the fifth time in the past ten trading sessions in New York on Tuesday. The stock went down 0.34% ($1.21) to $352.15, after touching an intraday low at $349.92. The latter has been a price level not seen since September 24th ($347.51).

Shares of Lockheed Martin Corporation have retreated 0.80% so far in 2021 compared with a 15.88% gain for the benchmark index, S&P 500 (SPX).

In 2020, Lockheed Martin Corp’s stock went down 8.83%, thus, it again underperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 7 out of 12 surveyed investment analysts had rated Lockheed Martin Corp’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $422.92.

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