Defense and aerospace giants Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN) have already shot past their buy points, but fastener distributor and logistics services leader KLX (KLXI)is trying to launch its own breakout move.

XAutoplay: On | Off Driven by Donald Trump's plan to boost defense spending and the rising tensions with North Korea, China and Russia, the Aerospace/Defense industry group has moved up the rankings to No. 35 out of 197, up from No. 87 six weeks ago.

KLX and Northrop are tied for the No. 9 spot among their industry peers with a 91 Composite Rating, ahead of Lockheed (No. 12) and Raytheon (No. 13).

After several quarters of declining earnings and sales growth, KLX has bounced back with three consecutive quarters of triple-digit earnings growth, including a 158% rise in fiscal Q1, ended April 30. (Note that KLX's big 689% EPS gain in fiscal Q4 was based on a comparison to a year-over-year quarter that had no earnings.)

Sales growth rose from 7% to 17% in the most recent report.

Analysts expect Q2 earnings to rise 55% when the company reports Aug. 23.

KLX is a global leader in aerospace fasteners, consumables and supply-chain management services for commercial airliners, business jets and defense original-equipment manufacturers (OEMs).

Through KLX Energy Services, the company also provides technical services and rental equipment to the oil and gas exploration and production industry.

KLX was spun off from B/E Aerospace and had its IPO in 2014.

Institutional demand for the stock is reflected in a B Accumulation/Distribution Rating, 1.4 up/down volume rating and five quarters of rising fund ownership.

Heading into Tuesday's session, the stock had been trading within a tight price range for several weeks, which can be a sign a stock is like a tightly coiled spring getting ready to jump higher.

That seemed to be the case for KLX as it sprang higher Tuesday to temporarily clear a 53.23 entry in aflat base. But the stock gave buck much of its earlier gains to close about 1% higher, but below the buy point. Volume was more than double its daily average.

Keep in mind that the stock is set to report soon and that can swing the stock sharply higher or lower.

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Is This Aerospace Stock With 158% Growth Set To Take Off? - Investor's Business Daily