Lockheed Martin Corporation (NYSE:LMT) has closed its acquisition of Sikorsky Aircraft, a world leader in military and commercial rotary-wing aircraft. Aligned under the Lockheed Martin Mission Systems and Training (MST) business segment, Sikorsky Aircraft is now known as Sikorsky, a Lockheed Martin company.
“Today we are proud to welcome the Sikorsky team to Lockheed Martin,” said Marillyn Hewson, Lockheed Martin chairman, president and CEO. “Lockheed Martin and Sikorsky share a legacy of innovation and performance that has shaped the history of aviation for more than a century. Together, we are even better positioned to provide the best value for our customers, employees and shareholders.”
The acquisition advances Lockheed Martin’s commitment to provide its customers with mission-ready solutions that are affordable and efficient, while expanding its core business into the growing areas of helicopter production and sustainment. Sikorsky’s ability to leverage Lockheed Martin’s scale will ensure it remains a technology leader at the forefront of vertical lift.
Dan Schultz has been named president of Sikorsky, a Lockheed Martin Company. Schultz led the integration efforts for Lockheed Martin leading up to today’s closure and previously served as the vice president for Lockheed Martin’s Ship & Aviation Systems line of business within MST.
“Dan is a former Marine helicopter pilot and has decades of experience in the rotary-wing segment, including leading Lockheed Martin’s helicopter system integration business,” Hewson said. “He brings a wealth of leadership experience and a deep understanding of our international customer base. I am confident he is the right person to lead Sikorsky at this pivotal time.”
Sikorsky, a Lockheed Martin company, will retain its headquarters in Stratford, Connecticut. The line of business employs nearly 15,000 employees in 11 countries. Its helicopters are used by all five branches of the U.S. armed forces, along with military services and commercial operators in 40 nations. (Original Source)
Shares of Lockheed Martin closed yesterday at $218.6. 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 $211.52 and its 200-day moving average is $199.79.
On the ratings front, Lockheed Martin has been the subject of a number of recent research reports. In a report issued on October 21, Deutsche Bank analyst Myles Walton maintained a Hold rating on LMT. Separately, on the same day, 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 9.1% and 14.9% respectively. Walton has a success rate of 71.5% and is ranked #219 out of 3827 analysts, while Skibitski has a success rate of 78.6% and is ranked #899.
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 $230.75 which is 5.6% above where the stock closed yesterday.
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.