Lockheed Martin Stock Is Up for the Year. Director John Donovan Bought Shares.

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Lockheed Martin stock has logged gains this year, and a director scooped up shares on a recent dip. Gretchen Lemke/Lockheed Martin Corporation

Lockheed Martin stock has performed nicely this year, and John Donovan, a director, moved in to buy a block of shares of the aerospace and defense contractor on a recent dip.

Lockheed stock (ticker: LMT) has gained 16% for the year, while the S&P 500 is down 18%. Despite the year-to-date gain, Lockheed shares are down about 14% from an intraday high of $479.99 in early March. The company’s first- and second-quarterresults, reported in April and July, respectively, saw earnings beats, but reduced revenue expectations.

Donovan paid $250,400 on July 20 for 632 Lockheed shares, an average price of $396.16 each, according to a filing with the Securities and Exchange Commission. The retired AT&T (T) executive now owns 1,200 Lockheed shares.

Lockheed didn’t respond to a request to make Donovan available for comment. He joined Lockheed’s board in October 2021, and his last open-market stock purchase was in April 2022, when he paid $250,230 for 568 shares, at an average price of $440.55 each.

Before Donovan’s two transactions, the last Lockheed insider to purchase the stock on the open market was James Taiclet, who paid $509,500 in August 2019 for 1,354 shares, at an average price of $376.32 each. At the time, Taiclet was a Lockheed director and chairman, president, and chief executive of real estate investment trust American Tower (AMT). In June 2020, Taiclet was named Lockheed’s president and CEO, adding the chairman’s title in March 2021. b