L3Harris Technologies, Inc. (NYSE:LHX) Stock Position Raised by MAI Capital Management

MAI Capital Management lifted its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 6.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,785 shares of the company’s stock after purchasing an additional 1,732 shares during the period. MAI Capital Management’s holdings in L3Harris Technologies were worth $6,847,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $2,052,411,000 after buying an additional 45,845 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $712,858,000 after acquiring an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in L3Harris Technologies by 1.4% in 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 during the period. Diamond Hill Capital Management Inc. grew its position in L3Harris Technologies by 2.2% during the 2nd 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in L3Harris Technologies by 0.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,456,451 shares of the company’s stock worth $327,090,000 after purchasing an additional 9,036 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Barclays raised their target price on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Susquehanna lifted their target price on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Citigroup upped their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Royal Bank of Canada raised their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. Finally, Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $244.27 on Tuesday. The business’s 50-day simple moving average is $243.46 and its 200-day simple moving average is $232.52. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies, Inc. has a 52 week low of $184.34 and a 52 week high of $265.74. The firm has a market cap of $46.33 billion, a price-to-earnings ratio of 38.59, a P/E/G ratio of 2.06 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter last year, the company posted $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, equities research analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.90%. L3Harris Technologies’s payout ratio is presently 73.30%.

Insider Buying and Selling

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 transaction of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 8,964 shares of company stock valued at $2,179,119. Insiders own 0.82% of the company’s stock.

About L3Harris Technologies

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.