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
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