By Dhirendra Tripathi
Investing.com – Lockheed Martin stock (NYSE:LMT) rose 2.3% on Friday after it raised its quarterly dividend and expanded its share purchase program by almost six times.
The defense gear manufacturer’s board declared a fourth quarter 2021 dividend of $2.80 per share, 20 cents more than last quarter’s. The dividend will be paid on December 27, to those whose names are in the company’s records as of December 1.
The company has 276.91 million shares outstanding.
The company also raised its authority to buy back stock by $5 billion, bringing the total amount the company is willing to spend on buying back its own shares to approximately $6 billion.
The number of shares to be purchased and the timing are at the discretion of management.
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