5 Best Drone Stocks to Invest In

4. Lockheed Martin Corporation (NYSE: LMT)

Number of Hedge Fund Holders: 50

Lockheed Martin Corporation (NYSE: LMT) is a security and aerospace company. It operates internationally and researches on and develops technology systems and products. Their Aeronautics segment is responsible for offering unmanned air vehicles and related technologies. The company ranks 4th on our list of the best drone stocks to invest in.

On June 4th, Lockheed Martin Corporation (NYSE: LMT) secured a $1.01 billion contract for Space-Based Infrared Surveillance contractor logistics support alongside a $172.36 million army modification contract. Later on June 8th, the company also brought in another contract for $137.7 million to provide support, program management, and training in support, among other services for Naval Air Systems Command. Finally, on June 16th, Lockheed Martin Corporation (NYSE: LMT) bagged another deal for $191 million to provide strategic weapons systems for ballistic missile programs to the US and UK.

In the company’s first-quarter reports, it was observed that they beat EPS estimates of $6.31 with their $6.56 EPS and raked in $16.26 billion in revenue for that quarter, demonstrating a 7.98% growth year over year for the latter.

As of the end of the first quarter this year, 50 hedge funds out of the 866 tracked by Insider Monkey held stakes in Lockheed Martin Corporation (NYSE: LMT), worth roughly $2.3 billion. This is compared to 53 hedge fund holders in the previous quarter, with a stake value of roughly $2.5 billion.

RiverPark Advisors, LLC, in its fourth-quarter 2020 investor letter, mentioned Lockheed Martin Corporation (NYSE: LMT). Here’s what they said:

“Despite better-than-expected third quarter results, LMT shares were weak for the quarter as defense spending is expected to be flat for the coming year. With a record $150 billion backlog and almost 30% of its revenue coming from building F-35 aircraft with deliveries forecast to reach 180 per year in 4-5 years (3Q’s revenue upside was from the F-35), we believe LMT should grow at a higher rate than overall defense budget growth and Street expectations over the next several years. Further, strategic acquisitions (LMT acquired AJRD for $4 billion in late December), debt pay down, a 3% dividend yield, and continued share buybacks from $6 billion per year of free cash flow should lead to even greater shareholder returns.”