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Buy These 3 Lesser-Known Aerospace & Defense Stocks to Secure Your Portfolio
© Reuters. Buy These 3 Lesser-Known Aerospace & Defense Stocks to Secure Your Portfolio
The United States is expanding its defense budget significantly to stay ahead of China and Russia, which are perceived as national threats. Given this backdrop, lesser-known defense companies L3Harris Technologies (NYSE:LHX), Textron (TXT) and Huntington Ingalls (NYSE:HII), which have direct ties with the U.S Defense Department, should deliver solid returns. So, let’s discuss these names.The United States’ fraught relationships with China and Russia have driven its rising investments in its defense sector. President Biden recently requested $753 billion for national security funding for his fiscal 2022 budget (which begins October 1, 2021). The amount is 1.6% higher than the amount spent in the previous year. Of the requested amount, $715 billion is earmarked for the Department of Defense.
With China perceived to be the biggest threat given the size of the nation's economy and the country's air drills around neighboring countries, Biden aims to boost the defense budget by 16% to $769 billion. Furthermore, the United States has also played a major role in defusing the Israel-Palestine conflict, through cash and defense equipment funding support.
Thus, the aerospace and defense industry is likely to grow substantially in the coming months. Given this backdrop, the following lesser-known companies with direct ties with the Department of Defense and the U.S. Army and Navy should grow significantly: L3Harris Technologies, Inc. (LHX), Textron Inc . (NYSE:TXT) and Huntington Ingalls Industries, Inc. (HII). So, we think these stocks could be solid additions to one's portfolio.
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