5 Best Drone Stocks to Buy for the Next 3 Years

4. Lockheed Martin Corporation (NYSE:LMT)

Number of Hedge Fund Holders: 59

Lockheed Martin Corporation (NYSE:LMT) is among the 8 Best Drone Stocks to Buy for the Next 3 Years. On March 12, the Department of War (DOW) announced that the company was awarded a contract worth $111.5 million by the Naval Air Systems Command for the procurement of the F-35 Drag Chute System.

This is a fixed price order against an earlier ordering agreement. According to the release, the F-35 Drag Chute System is being procured for the Lot 18-19 aircraft delivery ‘in support of Non-U.S. DOW Participants and Foreign Military Sales customer’s operational aircraft’.

In other news, Lockheed Martin Corporation (NYSE:LMT) further expanded its ties with Japan during the week by providing the Japanese Ministry of Defense with a second Aegis System-Equipped Vessel (ASEV) shipset, including AN/SPY-7(V)1 radar equipment.

Earlier in the month, the defense contractor announced that it will supply an anti-jamming payload for Japan’s Next-Generation Defense Satellite Communication System, which will offer enhanced interoperability and interference resistance.

The stock remains on analysts’ radar and currently carries a Hold rating as of the close on March 13. It has a one-year average share price target of $659.31, representing an upside of 2%.

Lockheed Martin Corporation (NYSE:LMT) is one of the world’s largest defense contractors. It specializes in the research, design, and development of advanced technology systems, products, and services.