I've been trying to figure out why Lockheed Martin (NYQ:LMT) is struggling so much to recover to its pre-pandemic highs. The company has consistently grown its revenue since 2014 (with a stable but healthy operating margin of 13.2%), and has increased its dividend every year over the same period, with an excellent dividend yield of 3.09%. Even for the year of the pandemic ending 2020, LMT is predicted to grow at a steady pace.

The company looks to be in good financial position, and ought to benefit from an administration not constrained by fiscal hawks - even with the Democrats in power, it would seem to me that there is ample opportunity to do well out of the next 4 years.

Yet the share price is stubbornly low at $340, down from almost $439 a year ago. Looking at the chart, LMT hasn't traded this low since the correction in March 2020.

This is a company I've been watching for a while, and I'm trying to decide whether to invest - wondering if I'm missing something obvious?


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