Bank of Nova Scotia Increases Stake in Lockheed Martin

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Bank of Nova Scotia, a major Canadian financial institution, has increased its stake in Lockheed Martin Corporation, the aerospace and defense company, by 61.3% during the third quarter, according to a recent SEC filing. The bank now owns 145,998 shares of Lockheed Martin, worth $72.9 million as of the end of the quarter.

Why it matters

Lockheed Martin is one of the world's largest defense contractors, producing military aircraft, missile systems, and other advanced technology. The increase in ownership by a major institutional investor like Bank of Nova Scotia signals confidence in the company's long-term prospects, which could impact the stock price and investor sentiment.

The details

According to the 13F filing, Bank of Nova Scotia purchased an additional 55,507 shares of Lockheed Martin during the third quarter, bringing its total holdings to 145,998 shares. This represents a 61.3% increase in the bank's stake in the aerospace firm. Lockheed Martin's stock has seen strong performance in recent quarters, with the share price rising from around $525 at the start of 2022 to over $646 as of the most recent trading session.

• Bank of Nova Scotia increased its Lockheed Martin holdings during the third quarter of 2022.