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Lockheed Martin Hikes Quarterly Dividend; Increases Stock Buyback
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Lockheed Martin Hikes Quarterly Dividend; Increases Stock Buyback

Lockheed Martin Corporation (LMT) has raised its fourth-quarter 2021 common stock cash dividend by 7.7% to $2.80 per share. The dividend will be paid on December 27, 2021, to shareholders of record on December 1, 2021.

Lockheed Martin is a global security and aerospace company, which is engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. 

Prior to this hike, Lockheed Martin had raised its quarterly dividend by 8.3% in November 2020. (See Lockheed Martin stock charts on TipRanks)

Meanwhile, the company said that its Board has authorized the purchase of up to an additional $5 billion of Lockheed Martin common stock under its share repurchase program. With this increase, the total authorization for future repurchases under the share repurchase program is about $6 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.

Following the news, Goldman Sachs analyst Noah Poponak downgraded the rating on Lockheed Martin to Hold from Buy with a price target of $402 (16.8% upside potential).

Poponak is of the opinion that stocks exposed to aerospace and business jet are more compelling in the medium term but does not see a clearly identifiable driver for accelerating growth or a multiple re-rating.

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys and 5 Holds. The average Lockheed Martin price target of $419.73 implies 21.9% upside potential.

TipRanks data shows that financial blogger opinions are 97% Bullish on LMT, compared to the sector average of 72%.

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