Verdence Capital Advisors LLC Reduces Position in L3Harris Technologies, Inc. (NYSE:LHX)

Posted by Defense World Staff on Apr 2nd, 2023

Verdence Capital Advisors LLC trimmed its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) by 4.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,703 shares of the company’s stock after selling 76 shares during the quarter. Verdence Capital Advisors LLC’s holdings in L3Harris Technologies were worth $354,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Grimes & Company Inc. increased its position in shares of L3Harris Technologies by 3.4% during the third quarter. Grimes & Company Inc. now owns 1,236 shares of the company’s stock worth $257,000 after acquiring an additional 41 shares during the last quarter. Oakworth Capital Inc. increased its position in shares of L3Harris Technologies by 8.6% during the third quarter. Oakworth Capital Inc. now owns 543 shares of the company’s stock worth $113,000 after acquiring an additional 43 shares during the last quarter. Leavell Investment Management Inc. increased its position in shares of L3Harris Technologies by 0.8% during the third quarter. Leavell Investment Management Inc. now owns 6,081 shares of the company’s stock worth $1,264,000 after acquiring an additional 46 shares during the last quarter. Main Street Financial Solutions LLC increased its position in shares of L3Harris Technologies by 3.8% during the third quarter. Main Street Financial Solutions LLC now owns 1,289 shares of the company’s stock worth $268,000 after acquiring an additional 47 shares during the last quarter. Finally, Phoenix Wealth Advisors grew its stake in L3Harris Technologies by 3.3% in the third quarter. Phoenix Wealth Advisors now owns 1,514 shares of the company’s stock worth $315,000 after purchasing an additional 48 shares in the last quarter. 82.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Cowen decreased their price target on L3Harris Technologies from $260.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, January 12th. Wells Fargo & Company lifted their target price on L3Harris Technologies from $219.00 to $230.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. StockNews.com assumed coverage on L3Harris Technologies in a research note on Thursday, March 16th. They issued a “buy” rating for the company. Robert W. Baird downgraded L3Harris Technologies from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $290.00 to $241.00 in a research note on Monday, December 19th. Finally, Citigroup assumed coverage on L3Harris Technologies in a research note on Thursday, December 8th. They issued a “neutral” rating and a $250.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $259.46.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $196.24 on Friday. L3Harris Technologies, Inc. has a 12 month low of $189.73 and a 12 month high of $264.71. The stock has a market cap of $37.28 billion, a price-to-earnings ratio of 35.88, a PEG ratio of 6.12 and a beta of 0.71. The stock’s 50 day moving average price is $205.86 and its 200 day moving average price is $215.54. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.17 and a quick ratio of 0.95.

L3Harris Technologies (NYSE:LHX – Get Rating) last announced its earnings results on Friday, January 27th. The company reported $3.27 EPS for the quarter, topping the consensus estimate of $3.21 by $0.06. L3Harris Technologies had a return on equity of 13.20% and a net margin of 6.22%. The firm had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.36 billion. During the same quarter in the previous year, the company earned $3.30 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that L3Harris Technologies, Inc. will post 12.32 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 24th. Shareholders of record on Friday, March 10th were issued a $1.14 dividend. The ex-dividend date was Thursday, March 9th. This represents a $4.56 annualized dividend and a dividend yield of 2.32%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.12. L3Harris Technologies’s dividend payout ratio is currently 83.36%.

L3Harris Technologies Profile

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L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across the air, land, sea, space, and cyber domains. It operates through the following segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems. The Integrated Mission Systems segment consists of multi-mission ISR and communication systems, integrated electrical and electronic systems for maritime platforms, and advanced electro-optical and infrared solutions.

Institutional Ownership by Quarter for L3Harris Technologies (NYSE:LHX)

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