L3Harris (LHX) Stock Lands $4.7B Lockheed Contract for PAC-3 Missile Propulsion

TLDR

• L3Harris received a $4.7 billion, seven-year contract from Lockheed Martin for PAC-3 missile propulsion systems
• It is the largest PAC-3 propulsion award in L3Harris history
• CalSTRS increased its LHX position by 27,873% in Q2, now holding 44.98% of the company worth $24.34 billion
• LHX beat Q2 earnings with $3.13 EPS vs $2.80 expected, and revenue of $5.88 billion, up 8.4% year over year
• The stock opened at $256.45, near its 52-week low of $256.05, with analysts holding a consensus “Moderate Buy” and average price target of $360.45

L3Harris Technologies (LHX) has secured a $4.7 billion contract from Lockheed Martin to produce propulsion systems for the PAC-3 Missile Segment Enhancement interceptor. The stock opened at $256.45 on Tuesday, close to its 52-week low of $256.05.

L3Harris Technologies, Inc., LHX

The deal runs over seven years and is the largest PAC-3 propulsion award the company has received to date. L3Harris says it aligns with a long-term framework tied to the Department of Defense.

… Continue reading the full article at the original source below.