As global geopolitical tensions continue to flare up and the Russia-Ukraine conflict takes a decisive turn with winter’s approach, major defense names continue to hog the limelight.
Shares of Lockheed Martin (LMT) have steadily climbed nearly 19% over the past month, in lockstep with the company’s announcements about major contract wins. Last week, it bagged a ~$581.2 million contract from the Navy for the Trident II Missile and a $765 million contract for Naval Air Systems.
Additionally, the company has pumped in a $100 million investment in satellite manufacturer Terran Orbital (LLAP).
Along with LMT, Raytheon Technologies (RTX) too has climbed nearly 11% over the past month. The company recently notched a $122 million contract from the U.S. army and its Chief Financial Officer Neil Mitchill is expected to speak at the 2022 Baird Industrial Conference tomorrow, a key event to keep an eye on.
Additionally, AeroVironment (AVAV), the maker of ‘Switchblade,’ is also expected to grab eyeballs at the Baird Conference tomorrow. Its CFO and Senior Vice President Kevin McDonnell, and the Senior Director of Corporate Development and Investor relations, Jonah Teeter-Bailin, are expected to present.
Despite recent weakness, shares of the company are still up 35.4% year-to-date.
The Invesco Aerospace & Defense ETF (PPA) is now up 10.5% over the past month alone.
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