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Lockheed Martin raises 4Q dividend

BETHESDA — Defense contractor Lockheed Martin said Thursday it will pay a fourth-quarter dividend of $1 per share and repurchase up to $2.5 billion in common stock.

The company said the dividend increase of 25 cents represents a 33 percent increase over the prior quarter. The dividend is payable Dec. 30, 2011 to holders of record as of the close of business on Dec. 1.

The board left the timing of the share buybacks to the discretion of company managers.

Shares of Lockheed Martin Corp. rose 3 cents to $72.68 in afternoon trading Thursday as the broader market fell sharply.