Bethesda-based Lockheed Martin Corp. on Thursday said its Board of Directors authorized the purchase of up to an additional 30 million shares of Lockheed Martin common stock under its existing share-repurchase program.
The company’s share-repurchase program was initiated in October 2002. In the first six months of 2008, Lockheed repurchased 18.6 million shares under the program.
“The number of shares purchased and the timing of purchases under the program are at the discretion of management,” the company said in a statement.
Lockheed stock increased $2.86, or 2.7 percent, to close at $110.51 per share Thursday. At that price, 30 million shares would be worth $3.3 billion.
