L3Harris Technologies Inc $LHX Stock: SVB Wealth LLC Reduces Stake

SVB Wealth LLC trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 22.2% during the third quarter, HoldingsChannel.com reports. The firm owned 12,348 shares of the company’s stock after selling 3,521 shares during the period. SVB Wealth LLC’s holdings in L3Harris Technologies were worth $2,924,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisory Group LLC increased its position in L3Harris Technologies by 11.0% in the 3rd quarter. Private Advisory Group LLC now owns 39,299 shares of the company’s stock valued at $9,305,000 after acquiring an additional 3,891 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of L3Harris Technologies by 33.3% during the third quarter. Russell Investments Group Ltd. now owns 223,222 shares of the company’s stock worth $52,848,000 after purchasing an additional 55,784 shares during the period. Ariadne Wealth Management LP acquired a new position in shares of L3Harris Technologies during the third quarter worth $243,000. Eurizon Capital SGR S.p.A. grew its stake in shares of L3Harris Technologies by 560.9% in the third quarter. Eurizon Capital SGR S.p.A. now owns 133,279 shares of the company’s stock worth $31,558,000 after purchasing an additional 113,113 shares during the last quarter. Finally, R Squared Ltd grew its stake in shares of L3Harris Technologies by 18.5% in the third quarter. R Squared Ltd now owns 5,346 shares of the company’s stock worth $1,266,000 after purchasing an additional 833 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Jefferies Financial Group downgraded L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price objective for the company. in a report on Wednesday, August 26th. Bank of America lifted their target price on L3Harris Technologies from $325.00 to $375.00 and gave the stock a “buy” rating in a report on Tuesday, November 3rd. Royal Bank Of Canada lifted their target price on L3Harris Technologies from $265.00 to $295.00 and gave the stock a “sector perform” rating in a report on Friday, October 30th. Susquehanna reduced their price target on L3Harris Technologies from $410.00 to $350.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. Finally, Weiss Ratings cut L3Harris Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and an average target price of $340.93.

L3Harris Technologies Stock Down 1.7%

L3Harris Technologies stock opened at $271.76 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20. L3Harris Technologies Inc has a 52-week low of $232.34 and a 52-week high of $379.23. The firm has a 50 day moving average price of $251.00 and a two-hundred day moving average price of $301.60. The firm has a market cap of $50.60 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 1.69 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.95 by $0.33. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The firm had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter in the previous year, the company earned $2.70 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities analysts predict that L3Harris Technologies Inc will post 12.10 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 46.64%.

About L3Harris Technologies

L3Harris Technologies is a defense and aerospace company that develops technology and systems for government and commercial customers. Its offerings include tactical communications, intelligence and surveillance systems, sensors, electronic warfare capabilities, space systems, and aviation technologies. The company also provides propulsion and related systems for defense and space applications through Aerojet Rocketdyne, which it acquired in 2023. Its products and services support missions including military communications, situational awareness, space operations, and national security.