A Republican Senator On The Missile Defense Committee Just Sold Lockheed Stock Worth Up To $100K

Republican Senator Debra Fischer said in a Congressional filing Wednesday that she sold between $50,000 and $100,000 worth of Lockheed Martin Corporation LMT shares on June 23.

The sale raised some eyebrows because the Nebraska senator is the top Republican on a subcommittee overseeing missile defense.

The divested shares represented all of her Lockheed holdings given a mid-May disclosure by the Senator that she held the same amount of shares, received as an inheritance from her mother in 2021. 

Lockheed shares have gained about 13% year-to-date, when the broader market went into a tailspin amid an uncertain economic and geopolitical environment. Fischer is likely to have made a profit on the sale, although details of the exact sale proceeds are not available.

The Stop Trading on Congressional Knowledge Act of 2012 dictates that members of Congress need to disclose only broad values of their holdings and transactions.

Read Benzinga's story on House Speaker Nancy Pelosi's recent stock transactions.

Fischer would have received proceeds between $58,500 and $117,000, taking into consideration the upper and lower range of the value disclosed and Lockheed's stock price on June 23.

"This stock originates from the passing of Sen. Fischer's mother late last year. Sen. Fischer had no intention of retaining these assets, and this was part of that process," Fischer's spokesman Nathaniel Sizemore told Business Insider.

Lockheed is an aerospace and defense contractor. The company manufactures the Javelin anti-tank missile system widely used by Ukraine in its war against Russia.

Defense contractors spend huge sums of money lobbying for government contracts and also fund election campaigns of lawmakers.

LMT Price Action: Lockheed stock was down 0.72% midday Thursday at $392.42, according to Benzinga Pro data.

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