Lockheed Martin has secured an Other Transaction Authority agreement with a ceiling of $220.842 million to develop, integrate, manufacture, test and deliver Indirect Fire Protection Capability-High Energy Laser prototype weapon systems.
Work, which is expected to be completed until October 18th 2025, will be performed in Bothell, Washington; Moorestown, New Jersey; Owego, New York; Oldsmar, Florida; Orlando, Florida; Sunnyvale, California and Huntsville, Alabama.
Army Rapid Capabilities and Critical Technologies Office is the contracting activity, according to US Department of Defense website.
The shares of Lockheed Martin Corp (LMT) closed 0.92% ($4.19) lower at $451.51 in New York on Wednesday, as they extended a loss from the previous trading session.
The security and aerospace company’s total market cap now stands at $113.704 billion.
The shares of Lockheed Martin Corporation went up 36.88% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The company’s shares have retreated 7.19% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 7 out of 10 surveyed investment analysts had rated Lockheed Martin Corp’s stock as “Hold”, while 2 – as “Buy”. The median price target on the stock stands at $504.80, which translates into an 11.80% upside compared to Wednesday’s closing price.
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