Man Group plc Grows Stake in L3Harris Technologies Inc $LHX

Key Points

• Man Group significantly increased its L3Harris stake by 5,286.7% in the second quarter, adding 553,255 shares to own 563,720 shares valued at approximately $163.8 million.
• L3Harris reported quarterly EPS of $3.13 and revenue of $5.88 billion, beating analyst estimates, while revenue rose 8.4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $365.
• The stock opened at $262.20, near its 52-week low of $260.95, while the company declared a quarterly dividend of $1.25 per share, equivalent to a 1.9% annual yield.

Man Group plc lifted its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5,286.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 563,720 shares of the company's stock after buying an additional 553,255 shares during the period. Man Group plc owned approximately 0.30% of L3Harris Technologies worth $163,811,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of LHX. Fideuram Asset Management Ireland dac acquired a new position in L3Harris Technologies during the 4th quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in L3Harris Technologies in the fourth quarter valued at approximately $25,000. Motiv8 Investments LLC purchased a new stake in shares of L3Harris Technologies during the fourth quarter valued at approximately $25,000. Cedar Mountain Advisors LLC raised its stake in shares of L3Harris Technologies by 1,233.3% during the first quarter. Cedar Mountain Advisors LLC now owns 80 shares of the company's stock valued at $28,000 after purchasing an additional 74 shares during the period. Finally, Abound Financial LLC acquired a new position in shares of L3Harris Technologies during the fourth quarter worth $29,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LHX. Weiss Ratings downgraded shares of L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. Sanford C. Bernstein cut their price objective on shares of L3Harris Technologies to $405.00 and set an "outperform" rating on the stock in a report on Monday, May 4th. UBS Group decreased their price objective 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. Finally, BNP Paribas Exane lowered their target price on L3Harris Technologies from $330.00 to $310.00 and set a "neutral" rating for the company in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $365.00.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $262.20 on Wednesday. The stock has a market cap of $48.82 billion, a P/E ratio of 26.49, a price-to-earnings-growth ratio of 1.14 and a beta of 0.51. The company has a current ratio of 1.18, a quick ratio of 1.03 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average of $287.85 and a 200-day moving average of $319.37. L3Harris Technologies Inc has a 52 week low of $260.95 and a 52 week high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued 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. The business had revenue of $5.88 billion during the quarter, compared to analyst estimates of $5.81 billion. L3Harris Technologies had a net margin of 8.17% and a return on equity of 10.96%. The business's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.78 earnings per share. L3Harris Technologies has set its FY 2026 guidance at 11.800-12.000 EPS. On average, analysts expect that L3Harris Technologies Inc will post 11.88 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. L3Harris Technologies's dividend payout ratio (DPR) is currently 50.51%.

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.

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