Lockheed Martin Corporation (NYSE:LMT) lifted its quarterly dividend by $0.20 to $2.60 per share and increased its share buyback authorization by $1.3 billion.
The company’s board of directors has authorized dividend of $2.60 per share, representing an increase of $0.20 per share over last quarter. The dividend is payable on Dec. 24, to holders of record as of the close of business on Dec. 1.
Additionally, the corporation's board has authorized the purchase of up to an additional $1.3 billion of Lockheed Martin common stock under its share repurchase program.
With this increase, total authorization for future repurchases under the share repurchase program is approximately $3 billion. The number of shares purchased and the timing of purchases are at the discretion of management and subject to compliance with applicable law and regulation.
In other news surrounding the company, the U.S. Air Force just took the wraps off a top-secret prototype of its next-generation fighter plane. The aircraft, which caught Pentagon watchers by surprise, could have significant implications for defense contractors.
It's been more than two decades since the Air Force debuted a new fighter concept, and LMT’s F-35 Joint Strike Fighter, the plane that emerged out of that competition, is only now nearing full production. Reports say the F-35 is still considered state-of-the-art, but with technologies constantly changing, the Air Force is always looking for what's next.
LMT shares gained $4.90, or 1.3%, to $391.52.
