Tom Reese/Paul Rubillo, Dividend.com
Lockheed Martin (LMT) just announced it has been awarded a $1.1 Billion U.S. contract to build the next generation of weather satellites.
The company beat out Boeing (BA) and Northrop Grumman (NOC) for the contract. The first satellite is scheduled for delivery in 2014 with the second satellite's delivery a year after that.
The Bottom Line
We had removed shares of LMT from our "Recommended" list on Oct.7, when the shares traded at $102.62. The company has a 3.10% dividend yield, based on last night's closing stock price of $73.36. The stock has major technical support in the $60 price area. That would need to hold if the stock's downtrend continues. After that, the stock sees a big gap till the $20 price zone. We would use stops in the high $50's if you are considering a purchase of the shares. The risk/reward is fairly flat at this point.
Lockheed Martin (LMT) is not recommended at this time, holding a Dividend.com Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
