Citizens Financial Group Inc. RI Takes $2.98 Million Position in L3Harris Technologies Inc $LHX

Key Points

• Citizens Financial Group acquired 10,268 L3Harris shares worth approximately $2.98 million, while institutional investors collectively own 84.76% of the company.
• L3Harris reported quarterly EPS of $3.13, beating estimates of $2.80, while revenue rose 8.4% year over year to $5.88 billion. The company also declared a $1.25 quarterly dividend, equivalent to a 1.8% yield.
• The stock opened at $278.05, well below its 12-month high of $379.23; analysts maintain a “Moderate Buy” consensus with a $365 average price target, though the immediate CEO transition and conduct-related controversy create governance risks.

Citizens Financial Group Inc. RI acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,268 shares of the company's stock, valued at approximately $2,984,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of L3Harris Technologies during the second quarter valued at approximately $5,525,806,000. Bank of New York Mellon Corp bought a new stake in shares of L3Harris Technologies in the 2nd quarter worth approximately $752,983,000. Artisan Partners Limited Partnership lifted its holdings in shares of L3Harris Technologies by 174.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,900,509 shares of the company's stock worth $557,933,000 after purchasing an additional 1,207,334 shares during the last quarter. Deutsche Bank AG acquired a new position in L3Harris Technologies during the 2nd quarter valued at approximately $174,006,000. Finally, Two Sigma Investments LP boosted its position in L3Harris Technologies by 560.7% during the 3rd quarter. Two Sigma Investments LP now owns 614,287 shares of the company's stock valued at $187,609,000 after purchasing an additional 521,312 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Ratings Changes

LHX has been the topic of several analyst reports. Truist Financial raised L3Harris Technologies to a "strong-buy" rating in a research report on Friday, May 1st. Susquehanna reduced their price target on shares of L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a report on Friday, July 31st. UBS Group lowered their price target on shares of L3Harris Technologies from $312.00 to $298.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. BNP Paribas Exane dropped their price objective on shares of L3Harris Technologies from $330.00 to $310.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Finally, Weiss Ratings downgraded shares of L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus price target of $365.00.

L3Harris Technologies Stock Down 4.7%

LHX opened at $278.05 on Tuesday. L3Harris Technologies Inc has a 12 month low of $262.68 and a 12 month high of $379.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.18 and a quick ratio of 1.03. The stock has a market cap of $51.78 billion, a P/E ratio of 28.09, a P/E/G ratio of 1.10 and a beta of 0.51. The stock's 50 day moving average price is $292.38 and its 200 day moving average price is $322.68.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.80 by $0.33. L3Harris Technologies had a return on equity of 10.96% and a net margin of 8.17%.The company had revenue of $5.88 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the previous year, the firm posted $2.78 EPS. The firm's quarterly revenue was up 8.4% on a year-over-year basis. L3Harris Technologies has set its FY 2026 guidance at 11.800-12.000 EPS. As a group, research analysts predict that L3Harris Technologies Inc will post 11.88 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, September 4th. L3Harris Technologies's payout ratio is currently 50.51%.

Key Stories Impacting L3Harris Technologies

Here are the key news stories impacting L3Harris Technologies this week:

• Positive Sentiment: L3Harris appointed insider Sam Mehta as president and chief executive officer effective immediately. Mehta’s familiarity with the business could help provide continuity and limit disruption while the company manages the transition. L3Harris names insider Sam Mehta CEO as Christopher Kubasik steps down
• Positive Sentiment: A new Rhode Island facility is expanding L3Harris’ undersea-defense capabilities, including advanced training systems for U.S. and allied fleets. The investment may support long-term growth in an area benefiting from increased defense demand. Can L3Harris' New Rhode Island Facility Strengthen Undersea Growth?
• Neutral Sentiment: The leadership transition is effective immediately, and additional details about the conduct violation were not disclosed. Investors will likely watch for information on Mehta’s strategic priorities, the board’s governance process and any effect on customer or government relationships. Defense contractor L3Harris ousts CEO Chris Kubasik over unspecified conduct
• Negative Sentiment: Kubasik’s departure is particularly sensitive because he previously left Lockheed Martin after acknowledging an improper relationship with a subordinate. The repeat conduct-related controversy may heighten reputational and governance concerns surrounding L3Harris. L3Harris ousts CEO Christopher Kubasik after probe finds he violated code of conduct

About L3Harris Technologies

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source