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Lockheed Boosts Dividend

The defense contractor also plans to expand its buyback efforts.
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Lockheed Martin (LMT) - Get Report boosted its dividend and added 45 million shares to its buyback plan.

The Bethesda, Md., defense contractor said it would pay a 30-cent dividend Dec. 30 to holders of record Dec. 1. The new dividend represents a 20% boost over the last quarter's 25-cent payout.

Lockheed also said it would buy back more stock. Through June 30 the company had 9 million shares available for repurchase under a previous authorization. The company had 444 million shares outstanding at the time.

"This dividend increase and additional share repurchase authorization reflects our ongoing commitment to balanced cash deployment," said CEO Robert Stevens. "We're committed to providing value to our shareholders through dividends and a reduction in shares outstanding. We are also continuing to fuel innovation through internal investment while we execute our acquisition strategy in order to provide value to our customers and shareholders."

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Late Thursday, Lockheed rose 15 cents to $60.62.