Lockheed Martin (LMT) closed the most recent trading day at $485.19, moving +0.23% from the previous trading session. This move lagged the S&P 500's daily gain of 3.1%. Elsewhere, the Dow gained 2.18%, while the tech-heavy Nasdaq added 0.21%.Prior to today's trading, shares of the aerospace and defense company had lost 0.32% over the past month. This has lagged the Aerospace sector's gain of 2.52% and the S&P 500's gain of 1.66% in that time.Wall Street will be looking for positivity from Lockheed Martin as it approaches its next earnings report date. In that report, analysts expect Lockheed Martin to post earnings of $7.40 per share. This would mark year-over-year growth of 2.21%. Our most recent consensus estimate is calling for quarterly revenue of $18.25 billion, up 2.94% from the year-ago period.LMT's full-year Zacks Consensus Estimates are calling for earnings of $21.68 per share and revenue of $65.24 billion. These results would represent year-over-year changes of -4.2% and -2.69%, respectively.Investors might also notice recent changes to analyst estimates for Lockheed Martin. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.11% higher. Lockheed Martin is currently sporting a Zacks Rank of #3 (Hold).In terms of valuation, Lockheed Martin is currently trading at a Forward P/E ratio of 22.33. This represents a premium compared to its industry's average Forward P/E of 20.75.We can also see that LMT currently has a PEG ratio of 3.58. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. LMT's industry had an average PEG ratio of 2.23 as of yesterday's close.The Aerospace - Defense industry is part of the Aerospace sector. This industry currently has a Zacks Industry Rank of 192, which puts it in the bottom 24% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow LMT in the coming trading sessions, be sure to utilize Zacks.com. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research