Cornerstone Advisors LLC Makes New Investment in L3Harris Technologies Inc $LHX

Cornerstone Advisors LLC acquired a new stake in L3Harris Technologies Inc (NYSE:LHX) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 29,634 shares of the company’s stock, valued at approximately $7,017,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Freedom LLC acquired a new stake in shares of L3Harris Technologies during the third quarter valued at about $25,000. Moors & Cabot Inc. lifted its stake in shares of L3Harris Technologies by 13.3% in the third quarter. Moors & Cabot Inc. now owns 20,504 shares of the company’s stock worth $4,855,000 after acquiring an additional 2,410 shares in the last quarter. Valmark Advisers Inc. lifted its stake in shares of L3Harris Technologies by 3.9% in the third quarter. Valmark Advisers Inc. now owns 5,443 shares of the company’s stock worth $1,289,000 after acquiring an additional 204 shares in the last quarter. Allworth Financial LP lifted its stake in shares of L3Harris Technologies by 6.7% in the third quarter. Allworth Financial LP now owns 6,825 shares of the company’s stock worth $1,616,000 after acquiring an additional 427 shares in the last quarter. Finally, Private Advisory Group LLC boosted its holdings in L3Harris Technologies by 11.0% in the third quarter. Private Advisory Group LLC now owns 39,299 shares of the company’s stock valued at $9,305,000 after purchasing an additional 3,891 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on LHX. Melius Research lowered L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, September 8th. UBS Group upped their target price on L3Harris Technologies from $264.00 to $293.00 and gave the company a “neutral” rating in a research report on Friday, October 30th. Wall Street Zen upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Jefferies Financial Group downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price target for the company. in a research report on Wednesday, August 26th. Finally, Guggenheim started coverage on shares of L3Harris Technologies in a research report on Monday, September 14th. They set a “buy” rating and a $365.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $340.93.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $272.42 on Friday. The firm has a market cap of $50.72 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 1.66 and a beta of 0.47. The firm’s 50-day simple moving average is $251.22 and its 200-day simple moving average is $301.15. 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 1 year low of $232.34 and a 1 year high of $379.23.

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

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued 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%.

L3Harris Technologies Profile

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.