Lockheed Martin Corporation (NYSE:LMT) received a $262.8 million contract from the U.S. Air Force for sustainment of the Kingdom of Saudi Arabia’s F-15 sensor suite. The sensor suite includes Sniper® Advanced Targeting Pods (ATP), LANTIRN Extended Range (ER) navigation pods and Infrared Search and Track (IRST) systems.
Under the contract, Lockheed Martin will collaborate with Advanced Electronics Company (AEC) to perform Sniper ATP and LANTIRN ER sustainment services as well as LANTIRN ER pod upgrades at the Sniper Expanded Repair Capability facility in Saudi Arabia. Lockheed Martin will support IRST sustainment at its IRST depot in Orlando, Florida.
“Since 1996, Lockheed Martin has provided the Kingdom of Saudi Arabia with its most advanced sensor systems, including Sniper ATP, LANTIRN ER and IRST,” said Paul Lemmo, vice president of fire control/SOF CLSS at Lockheed Martin Missiles and Fire Control. “By leveraging in-Kingdom capabilities, the Royal Saudi Air Force will have its sensors maintained and upgraded to provide unmatched availability and performance for years to come.”
AEC is a Saudi-based company focused on electronics manufacturing, system integration, and repair and maintenance services. Together with the U.S. Air Force and Lockheed Martin, AEC will complete training and execute specific sustainment efforts, including maintenance on line replaceable units, logistics and upgrades.
Sniper ATP is a precision targeting system chosen by the U.S. Air Force and 21 international air forces. IRST is a passive sensor system used by international F-15 customers. LANTIRN ER pods operate day or night, providing low-level navigation with terrain-following radar on international F-15 and F-16 aircraft. (Original Source)
Shares of Lockheed Martin opened today at $215.77 and are currently trading down at $215.25. LMT has a 1-year high of $225.15 and a 1-year low of $181.91. The stock’s 50-day moving average is $212.01 and its 200-day moving average is $200.04.
On the ratings front, Lockheed Martin has been the subject of a number of recent research reports. In a report issued on November 5, Deutsche Bank analyst Myles Walton maintained a Hold rating on LMT, with a price target of $220, which represents a slight upside potential from current levels. Separately, on October 21, Drexel Hamilton’s Peter Skibitski reiterated a Buy rating on the stock and has a price target of $229.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Myles Walton and Peter Skibitski have a total average return of 8.4% and 14.8% respectively. Walton has a success rate of 67.6% and is ranked #275 out of 3829 analysts, while Skibitski has a success rate of 78.6% and is ranked #919.
Overall, 4 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $228.60 which is 5.9% above where the stock opened today.
Lockheed Martin Corp is a security and aerospace company. The Company is engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.