Lockheed Martin CorporationNYSE: LMT
Industrials · Aerospace & Defense
$530.60
-1.00%
Vol: 762K
Research Digest
Wednesday, June 17, 2026
Lockheed Martin won a $514M U.S. Space Force contract for two more GPS IIIF satellites, expanding its constellation modernization role.
On June 15, 2026, Lockheed Martin secured a $514 million contract from the U.S. Space Force to build GPS IIIF Space Vehicles 23 and 24, bringing its total GPS IIIF commitment to 14 spacecraft. The satellites feature Regional Military Protection that delivers a 63-fold increase in anti-jamming capability, additional M-Code-enabled units for secure connections, and a digital navigation payload, replacing legacy spacecraft now past their design life. The award reinforces Lockheed's backlog in space and positioning/navigation/timing as global defense spending stays elevated. It matters as incremental, high-margin program continuity in the Space segment amid investor focus on defense budgets. The bear case is that the contract is modest relative to Lockheed's ~$75B annual revenue and does not change the bigger questions around F-35 program economics and margins; the stock carries a "Hold" consensus and has traded well below its 52-week high. Q1 2026 sales were roughly flat at $18.0 billion year-over-year.
Previous Market Intelligence
13 daysJun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14Lockheed Martin won a $2.29 billion F-35 sustainment contract announced June 12, adding to a near-record backlog as European defense demand strengthens.Positive▶
Lockheed Martin was awarded a $2.29 billion F-35 sustainment contract announced on June 12, 2026, reinforcing recurring revenue from its flagship fighter program. The award adds to nearly $10 billion in recently secured defense contracts and a record backlog of roughly $194 billion. Shares have also been supported by expanded European defense partnerships amid rising regional demand, with the stock up about 8.7% year-to-date. Analysts remain cautious near term: BofA reiterated a Neutral rating in late April and trimmed its target to $600 from $660 following a weak Q1 report, though the 13-analyst average 12-month target sits around $625. The key risk is that strong backlog has not yet translated into earnings momentum after the Q1 miss.
May 21Lockheed Martin secured a $991M U.S. Navy/DoW contract on May 14 for 432 F-35 modification upgrade packages but Citi cut its price target to $571 from $675.Mixed▶
On May 14, 2026, Lockheed Martin was awarded a $991 million U.S. Navy/Department of War contract to supply 432 F-35 modification upgrade packages by March 2032. On May 18, Lockheed was awarded an additional $879.1 million Navy price order, plus a $407.16 million Missile Defense Agency contract modification on May 7. Aeronautics President Greg Ulmer announced retirement on May 6 after 30+ years. The board authorized a Q2 dividend of $3.45 per share on May 12. The QuadStar missile completed the Next-Generation Short-Range Interceptor Seeker test on May 11. Despite the contract wins, Citi cut its price target to $571 from $675 on May 18, contributing to a Hold consensus across 14 analysts with an average target near $603.
May 20Citi cuts Lockheed Martin price target to $571 from $675 as defense spending debate sharpensMixed▶
Citi lowered its Lockheed Martin price target to $571 from $675 on May 18, while maintaining a Neutral rating, amid sharpening debate over defense spending priorities. The cut follows a $991M U.S. Department of War contract for 432 F-35 Block 4 modification packages and a successful QuadStar NGSRI seeker flight test on May 11. The board also authorized a $3.45 Q2 dividend on May 12. Consensus across 14 analysts is Hold with an average PT of ~$602, implying ~16% upside. Shares closed around $520 mid-month. Risk centers on defense budget rotation and program execution.
May 19Citi cuts Lockheed Martin price target to $571 from $675 amid defense spending debateMixed▶
Citi lowered its price target on Lockheed Martin to $571 from $675 on May 18, 2026, while maintaining a Neutral rating, reflecting a sharpening debate over defense spending. The board declared a Q2 2026 dividend of $3.45 per share on May 12. Lockheed's QuadStar missile successfully completed the Next-Generation Short-Range Interceptor Seeker Characterization Flight Test on May 11, a critical risk-reduction milestone. The company was also selected as preferred combat systems integrator for Australia's future Virginia Class Submarine fleet, and Aeronautics President Greg Ulmer announced his retirement. The investment case balances a $186.4 billion backlog against near-term earnings volatility and supply chain pressures. Sentiment is mixed given the PT cut despite ongoing contract momentum.
May 18Lockheed Martin wins $991M Navy contract on May 15; declares $3.45 Q2 dividend; shareholders re-elect board.Positive▶
On May 15, 2026, Lockheed Martin was awarded a $991.13 million Navy contract, adding to a $212.74 million Army contract modification on May 12 and a $407.16 million Missile Defense Agency contract modification on May 7. On May 12, the board authorized a Q2 2026 dividend of $3.45 per share, payable June 26. Also on May 12, shareholders re-elected nine directors, endorsed executive pay and the 2026 auditor, but rejected a proposal for an independent board chair. On May 11, Lockheed Martin's QuadStar missile completed the Next-Generation Short-Range Interceptor (NGSRI) Seeker Characterization Flight Test for the U.S. Army. More than 150 suppliers gathered in Dallas for the inaugural Munitions Acceleration Supplier Conference. LMT closed at $520.41 on May 14, with a 52-week range of $410.11-$692.00.
May 15Lockheed Martin announces June 1 Aeronautics leadership change and declares $3.45 Q2 dividend; selected for Space Force Space-Based Interceptor programMixed▶
Lockheed Martin announced a major leadership transition: Aeronautics President Greg Ulmer is retiring after 30+ years; Orlando "OJ" Sanchez Jr. takes over the $30B Aeronautics segment effective June 1, with Ulmer shifting to a strategic advisory role. The board declared a $3.45/share Q2 dividend payable June 26 (record date June 1). On the contract front, Lockheed was selected by U.S. Space Force Space Systems Command to develop capabilities for the Space-Based Interceptor program and partnered with Nokia Federal Solutions on a new modular open-architecture 5G solution for U.S. and allied forces. The company also won a $212.74M PATRIOT PAC-3 logistics, missile repair, and launcher repair contract modification. Stock trades near $519.94. After Q1 2026 sales of $18B (flat YoY) reported April 23, shares fell 4.6% and BofA reiterated Neutral, cutting PO to $600 from $660. Consensus is Hold with $602.71 12-month PT.
May 14Lockheed Martin declared a $3.45 second-quarter dividend on May 12, the same day shares rose 1.71% to $521.00, after a May 11 successful NGSRI seeker flight test for the QuadStar missile.Positive▶
On May 12, 2026, Lockheed Martin's Board authorized a second-quarter 2026 dividend of $3.45 per share, payable June 26, 2026. The same day, LMT shares rose 1.71% to $521.00. On May 11, the company announced that the QuadStar missile successfully completed the Next-Generation Short-Range Interceptor (NGSRI) Seeker Characterization Flight Test, a critical risk-reduction milestone for the U.S. Army's future Stinger replacement. The company also previously announced a leadership transition effective June 1, in which Orlando 'OJ' Sanchez Jr. takes over the $30 billion Aeronautics segment while Greg Ulmer moves to a strategic advisory role. Analyst consensus is 'Hold' with a $602.71 average price target, implying about 15.9% upside. This matters because the NGSRI win positions LMT for a multi-decade Stinger-replacement program. The risk is that any disappointing Q2 earnings or test-program slippage reduces the realization of the $186 billion backlog.
May 13Lockheed Martin secured $212.74M PATRIOT contract modification on May 12 and $407.16M Aegis BMD modification on May 8; board authorized Q2 dividend of $3.45/share.Mixed▶
On May 12, 2026, Lockheed Martin received a contract modification valued at $212.74M to enhance logistics support, conduct missile repairs, and provide launcher services for the PATRIOT Advanced Capability-3 system. On May 8, 2026, Lockheed was awarded a $407.16M contract modification for the Aegis Ballistic Missile Defense Weapon System. The board authorized a Q2 2026 dividend of $3.45 per share on May 12. In May 2026, Lockheed and Lithuania's Ministry of National Defence unveiled the country's inaugural HIMARS launchers. The stock has risen 10.8% over six months on a $186.4B backlog but shares declined 17.9% over the past month on execution risks. The 14-analyst consensus is Hold with a $602.71 price target (+15.68% upside).
May 12Lockheed Martin's QuadStar passed a critical NGSRI Seeker Characterization Flight Test on May 11, advancing its bid to replace the Army's legacy Stinger missile.Positive▶
On May 11, Lockheed Martin's QuadStar missile completed the Next-Generation Short-Range Interceptor (NGSRI) Seeker Characterization Flight Test, a key risk-reduction milestone in the U.S. Army's competition to replace the Stinger. The win expands recent momentum that includes a $407.16 million Missile Defense Agency contract modification for the Aegis Guam System (cumulative value over $1.935 billion) and Space-Based Interceptor program selection by U.S. Space Force. Aeronautics President Greg Ulmer announced retirement on May 6, with Orlando 'OJ' Sanchez taking over in June. Latest quarterly results showed adjusted EPS of $6.44 versus $6.79 consensus and revenue of $18.02 billion versus $18.38 billion expected, while backlog stood at $186.4 billion as of late March.
May 11Lockheed Martin names OJ Sanchez as new Aeronautics President as Ulmer retires; wins $407M Aegis Guam contract modificationPositive▶
Lockheed Martin announced on May 6, 2026 that Aeronautics President Greg Ulmer will retire after more than 30 years and Orlando OJ Sanchez Jr. will succeed him effective June 1. The Missile Defense Agency awarded Lockheed Martin a $407.16 million contract modification for the Aegis Guam System for continued engineering, integration, development, and certification work. The company also secured new HIMARS launcher and rocket contracts with the U.S. Army, Marine Corps, and allied governments, and was selected by U.S. Space Force Space Systems Command to develop capabilities for the Space-Based Interceptor program. Lockheed Martin's AI Center hosted an inaugural AI Fight Club event for industry collaboration. Consensus rating is Hold with an average price target of $602.71.
May 8Lockheed Martin shares fell 4.6% after Q1 2026 earnings on April 23, with BofA cutting price target to $600 from $660 and citing geopolitical risks.Negative▶
Lockheed Martin stock declined 4.6% following its April 23 Q1 2026 earnings report, significantly underperforming the S&P 500. BofA Global Research reiterated a Neutral rating and cut its price target to $600 from $660 on April 24, citing valuation concerns and geopolitical uncertainties. The company reported flat Q1 sales at $18.0 billion versus prior year and reaffirmed full-year free cash flow guidance of $6.5B-$6.8B despite Q1 FCF use of $291 million. Aeronautics President Greg Ulmer is retiring after 30+ years effective June 1, 2026, with Orlando Sanchez Jr. named as successor. Lockheed received contract for Space-Based Interceptor program and announced $25 million investment in Fortem Technologies for counter-UAS capabilities.
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