BETHESDA, Md. – Lockheed Martin Corporation (NYSE:LMT) has announced a quarterly dividend of $3.15 per share, payable on June 28, 2024, to shareholders of record as of June 3, 2024. The defense contractor also revealed changes to its board of directors, naming Thomas J. Falk as the new independent lead director following the retirement of Daniel F. Akerson and James O. Ellis, Jr.
Thomas J. Falk, a member of Lockheed Martin's board since 2010 and the chair of its Audit Committee since 2015, will now preside over executive sessions of independent directors as well as approve board meeting agendas and offer management feedback. His appointment is effective today, following the company's annual stockholders meeting. Falk will also chair the board's Nominating and Corporate Governance Committee and serve as an ex officio member of all other committees. Patricia E. Yarrington has been appointed to succeed Falk as Chair of the Audit Committee.
Lockheed Martin's Chairman, President, and CEO Jim Taiclet expressed confidence in Falk's ability to provide independent oversight and acknowledged the contributions of the retiring directors. Taiclet thanked Akerson for his service since 2014 and his role as independent lead director since 2019. He also recognized Ellis for his 20 years on the board and his efforts to advance the company's vision of 21st Century Security.
InvestingPro Insights
Lockheed Martin (NYSE:LMT) continues to demonstrate its commitment to shareholder returns, as evidenced by the recent announcement of its quarterly dividend of $3.15 per share. This aligns with the company's history of consistent dividend growth, having raised its dividend for 21 consecutive years, a testament to its financial stability and dedication to providing value to its investors. This dedication is further reinforced by an InvestingPro Tip highlighting that Lockheed Martin has maintained dividend payments for an impressive 41 consecutive years.
The company's financial strength is underscored by key metrics, such as a market capitalization of $110.67 billion and a solid P/E ratio of 16.79, which adjusts slightly to 16.09 for the last twelve months as of Q1 2024. These figures suggest that Lockheed Martin is trading at a reasonable valuation relative to near-term earnings growth, an insight supported by another InvestingPro Tip that notes the stock is trading at a low P/E ratio in relation to its earnings growth prospects.
Looking at performance, the company has experienced a revenue growth of 5.28% over the last twelve months as of Q1 2024, indicating a healthy upward trajectory. Furthermore, Lockheed Martin's role as a prominent player in the Aerospace & Defense industry is not just limited to its operational achievements but also reflected in its stock's low price volatility, providing a level of predictability for investors.
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