Eastern Bank Acquires Shares of 1,548 L3Harris Technologies, Inc. (NYSE:LHX)

Eastern Bank bought a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,548 shares of the company’s stock, valued at approximately $368,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LHX. Vanguard Group Inc. increased its stake 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 acquiring an additional 2,606,267 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of L3Harris Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock worth $2,052,411,000 after purchasing an additional 45,845 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of 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 worth $712,858,000 after purchasing an additional 523,315 shares during the period. Allspring Global Investments Holdings LLC lifted its position in L3Harris Technologies by 1.4% during the third 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. Finally, Diamond Hill Capital Management Inc. grew its stake in 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 buying an additional 31,686 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LHX has been the subject of several analyst reports. Barclays boosted their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Citigroup upped their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Wells Fargo & Company dropped their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada cut L3Harris Technologies from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $250.00 to $240.00 in a research report on Wednesday, August 14th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $256.71.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies 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 transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.82% of the company’s stock.

L3Harris Technologies Trading Up 0.4 %

LHX opened at $245.82 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. L3Harris Technologies, Inc. has a fifty-two week low of $169.55 and a fifty-two week high of $250.88. The company’s 50 day moving average price is $236.24 and its two-hundred day moving average price is $226.77. The firm has a market capitalization of $46.63 billion, a price-to-earnings ratio of 39.91, a PEG ratio of 2.08 and a beta of 0.73.

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

L3Harris Technologies Announces Dividend

The business also recently declared 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 of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.89%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

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.