Pinnacle Associates Ltd. Purchases 345 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Pinnacle Associates Ltd. lifted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 1.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,332 shares of the company’s stock after purchasing an additional 345 shares during the period. Pinnacle Associates Ltd.’s holdings in L3Harris Technologies were worth $6,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after buying an additional 2,606,267 shares during the period. Price T Rowe Associates Inc. MD increased its position in L3Harris Technologies by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock worth $2,052,411,000 after acquiring an additional 45,845 shares during the period. Bank of New York Mellon Corp raised its stake in L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after purchasing an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after purchasing an additional 27,763 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in shares of L3Harris Technologies by 2.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after purchasing an additional 31,686 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Price Performance

LHX stock opened at $245.54 on Thursday. L3Harris Technologies, Inc. has a 1 year low of $176.15 and a 1 year high of $258.89. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. The stock has a market cap of $46.58 billion, a price-to-earnings ratio of 39.86, a P/E/G ratio of 2.10 and a beta of 0.73. The company has a 50 day simple moving average of $238.05 and a 200 day simple moving average of $228.24.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the prior year, the business earned $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. Research analysts anticipate that L3Harris Technologies, Inc. will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.89%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LHX. Truist Financial boosted their price target on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday. Susquehanna raised their price target on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Royal Bank of Canada upped their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $261.50.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.