M&G PLC Purchases New Stake in L3Harris Technologies Inc $LHX

M&G PLC purchased a new stake in L3Harris Technologies Inc (NYSE:LHX) in the third quarter, Holdings Channel reports. The firm purchased 58,528 shares of the company’s stock, valued at approximately $13,871,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AlphaCore Capital LLC increased its holdings in L3Harris Technologies by 16.5% during the 3rd quarter. AlphaCore Capital LLC now owns 24,304 shares of the company’s stock worth $5,755,000 after purchasing an additional 3,447 shares during the period. Retirement Systems of Alabama raised its position in L3Harris Technologies by 21.3% during the 3rd quarter. Retirement Systems of Alabama now owns 166,790 shares of the company’s stock valued at $39,493,000 after purchasing an additional 29,252 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in L3Harris Technologies during the 3rd quarter valued at $69,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of L3Harris Technologies by 6.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 447,754 shares of the company’s stock worth $106,745,000 after buying an additional 25,742 shares during the period. Finally, Accuvest Global Advisors lifted its holdings in shares of L3Harris Technologies by 46.0% in the 3rd quarter. Accuvest Global Advisors now owns 1,740 shares of the company’s stock worth $412,000 after buying an additional 548 shares during the period. Institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the topic of a number of recent research reports. Weiss Ratings downgraded L3Harris Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 10th. Wall Street Zen upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. Melius Research downgraded L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, September 8th. The Goldman Sachs Group lowered their price objective on shares of L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Finally, Jefferies Financial Group cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 target price on the stock. in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus price target of $340.93.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $276.28 on Wednesday. The company has a market cap of $51.44 billion, a PE ratio of 25.77, a P/E/G ratio of 1.66 and a beta of 0.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20. The business has a 50-day simple moving average of $250.52 and a two-hundred day simple moving average of $302.40. L3Harris Technologies Inc has a fifty-two week low of $232.34 and a fifty-two week high of $379.23.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 29th. The company reported $3.28 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.33. The business had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.70 EPS. As a group, equities analysts expect that L3Harris Technologies Inc will post 12.10 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 46.64%.

About L3Harris Technologies

L3Harris Technologies is a defense and aerospace company that develops technology and systems for government and commercial customers. Its offerings include tactical communications, intelligence and surveillance systems, sensors, electronic warfare capabilities, space systems, and aviation technologies. The company also provides propulsion and related systems for defense and space applications through Aerojet Rocketdyne, which it acquired in 2023. Its products and services support missions including military communications, situational awareness, space operations, and national security.