M&G PLC Makes New Investment in L3Harris Technologies Inc $LHX

M&G PLC purchased a new stake in L3Harris Technologies Inc (NYSE:LHX) during the third quarter, according to its most recent filing with the SEC. The fund purchased 58,528 shares of the company’s stock, valued at approximately $13,871,000.

Several other hedge funds have also bought and sold shares of the stock. NBH Bank purchased a new stake in shares of L3Harris Technologies in the second quarter worth about $26,000. Elevation Wealth Partners LLC grew its holdings in L3Harris Technologies by 80.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 99 shares of the company’s stock valued at $29,000 after buying an additional 44 shares in the last quarter. John Boyer Inc. purchased a new position in L3Harris Technologies during the 3rd quarter valued at approximately $31,000. Bell Investment Advisors Inc purchased a new stake in shares of L3Harris Technologies during the 2nd quarter worth approximately $33,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of L3Harris Technologies during the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings downgraded L3Harris Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 10th. Jefferies Financial Group cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price target on the stock. in a research report on Wednesday, August 26th. Guggenheim started coverage on shares of L3Harris Technologies in a research note on Monday, September 14th. They set a “buy” rating and a $365.00 price target on the stock. Wall Street Zen upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Sunday, November 1st. Finally, Susquehanna lowered their price objective on shares of L3Harris Technologies from $410.00 to $350.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $340.93.

L3Harris Technologies Stock Up 1.8%

Shares of LHX opened at $276.28 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.20 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $250.52 and a 200 day moving average of $302.40. 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. L3Harris Technologies Inc has a 52-week low of $232.34 and a 52-week high of $379.23.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, beating the consensus estimate of $2.95 by $0.33. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.70 EPS. On average, sell-side analysts expect that L3Harris Technologies Inc will post 12.10 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be issued a $1.25 dividend. The ex-dividend date 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 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.