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Military

Lockheed Martin To Keep Buying Its Own Stock (LMT)

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By Jon C. Ogg Updated Published

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Lockheed Martin Corporation (NYSE: LMT) is going to retire more stock.  The defense giant announced this morning that it has approved a new share repurchase program that will allow the repurchase of up to $3 billion in common stock.  This represents more than 10% of the company, actually well above 10%.

The original 2002 buyback plan is being replaced with the new $3 billion plan as the company has already repurchased 169 million shares from the existing share authorization of 178 million shares.

The buyback is on top of a dividend hike last month as well.  At $71.78, this represents more than 41.7 million shares at current share prices.  As of Friday’s closing bell, the market cap of the company was listed as $26 billion.  With approximately 360 million shares of common stock outstanding, this represents nearly 14% of the common shares outstanding.

JON C. OGG

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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