Wedmont Private Capital Buys 124 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Wedmont Private Capital increased its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 12.4% during the third quarter, Holdings Channel reports. The firm owned 1,126 shares of the company’s stock after acquiring an additional 124 shares during the period. Wedmont Private Capital’s holdings in L3Harris Technologies were worth $272,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of LHX. Vanguard Group Inc. increased its position in shares of L3Harris Technologies by 15.4% in the fourth quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock worth $4,251,683,000 after purchasing an additional 2,692,771 shares during the period. Wellington Management Group LLP grew its position in L3Harris Technologies by 34.7% in the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after acquiring an additional 1,138,549 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in L3Harris Technologies in the second quarter valued at about $210,886,000. Envestnet Asset Management Inc. grew its position in L3Harris Technologies by 236.8% in the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock valued at $222,186,000 after acquiring an additional 695,582 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in L3Harris Technologies by 19.7% in the second 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 during the last quarter. Institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $250.00 to $240.00 in a research note on Wednesday, August 14th. Susquehanna lifted their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Barclays lifted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.64.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the sale, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $246.04 on Monday. The stock’s 50 day moving average is $233.12 and its 200 day moving average is $224.74. 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 firm has a market cap of $46.67 billion, a P/E ratio of 39.94, a P/E/G ratio of 2.08 and a beta of 0.73. L3Harris Technologies, Inc. has a one year low of $169.55 and a one year high of $247.33.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. As a group, research analysts expect that L3Harris Technologies, Inc. will post 13.06 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were issued a $1.16 dividend. The ex-dividend date was Friday, September 6th. This represents a $4.64 dividend on an annualized basis and a yield of 1.89%. L3Harris Technologies’s payout ratio is currently 75.32%.

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.