Lockheed Martin Stock Hits 52-Week Highs After Earnings

LMT could keep climbing if analysts change their bearish tune

Laura McCandless

Deputy Editor

Jul 23, 2024 at 10:59 AM

Lockheed Martin Corp (NYSE:LMT) stock is on the rise today, after the aerospace & defense name announced better-than-expected second-quarter results and lifted its 2024 forecast thanks to strong demand for fighter jets and missiles. This will be the fourth consecutive quarter the company has surpassed earnings estimates, with profits of $7.11 per share beating expectations of $6.45 per share this time around.

At last glance, LMT was up 3.2% to trade at $489.93, and earlier hit a 52-week high of $493.88. The stock has been choppy since April, with $475 keeping a cap on gains prior to last week's pop, which has the look of a bullish flag pattern at the moment. Year to date, the equity is up 7.8%. If the defense stock continues to climb, tailwinds could come from a shift in analyst sentiment. Of the 17 brokerages covering LMT, 12 rate the security a "hold" or "strong sell."

Over in the options pits today, 3,959 calls and 1,992 puts have been exchanged so far, which is six times the overall options volume typically seen at this point. The weekly 7/26 500-strike call is the most popular, with new positions being opened there.

A premium-selling strategy could be the move for the stock. LMT sports a Schaeffer's Volatility Scorecard (SVS) of 15 out of 100. In other words, the equity has consistently realized lower volatility than its options have priced in.

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