Profund Advisors LLC Boosts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Posted by Defense World Staff on Apr 23rd, 2023

Profund Advisors LLC lifted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) by 13.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,972 shares of the company’s stock after buying an additional 240 shares during the period. Profund Advisors LLC’s holdings in L3Harris Technologies were worth $411,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of LHX. Vanguard Group Inc. lifted its holdings in shares of L3Harris Technologies by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 17,282,623 shares of the company’s stock worth $3,591,848,000 after acquiring an additional 302,279 shares during the last quarter. BlackRock Inc. boosted its position in L3Harris Technologies by 15.1% during the third quarter. BlackRock Inc. now owns 14,314,799 shares of the company’s stock valued at $2,975,043,000 after buying an additional 1,875,236 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of L3Harris Technologies by 17.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 9,758,276 shares of the company’s stock valued at $2,028,151,000 after buying an additional 1,448,364 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of L3Harris Technologies by 16.6% in the third quarter. CIBC Private Wealth Group LLC now owns 1,163,706 shares of the company’s stock worth $241,854,000 after buying an additional 165,597 shares during the period. Finally, California Public Employees Retirement System lifted its stake in shares of L3Harris Technologies by 1.2% in the 3rd quarter. California Public Employees Retirement System now owns 1,065,515 shares of the company’s stock valued at $221,446,000 after acquiring an additional 13,114 shares during the last quarter. Institutional investors own 82.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on LHX shares. Credit Suisse Group decreased their price target on L3Harris Technologies from $244.00 to $240.00 and set an “outperform” rating on the stock in a research note on Friday, January 20th. Morgan Stanley dropped their price target on shares of L3Harris Technologies from $278.00 to $264.00 and set an “overweight” rating for the company in a research report on Monday, January 30th. Truist Financial decreased their price objective on shares of L3Harris Technologies from $264.00 to $255.00 and set a “buy” rating on the stock in a research report on Monday, January 30th. StockNews.com started coverage on L3Harris Technologies in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. Finally, Cowen dropped their price objective on L3Harris Technologies from $260.00 to $240.00 and set an “outperform” rating for the company in a report on Thursday, January 12th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, L3Harris Technologies currently has an average rating of “Hold” and a consensus target price of $259.46.

L3Harris Technologies Stock Down 0.4 %

Shares of L3Harris Technologies stock opened at $202.03 on Friday. L3Harris Technologies, Inc. has a 1 year low of $189.73 and a 1 year high of $255.10. The firm has a market cap of $38.38 billion, a price-to-earnings ratio of 36.93, a PEG ratio of 6.39 and a beta of 0.70. The company has a 50-day moving average of $203.44 and a 200 day moving average of $213.34. 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 issued its quarterly earnings results on Friday, January 27th. The company reported $3.27 EPS for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the firm posted $3.30 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 12.3 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Stockholders of record on Friday, March 10th were paid a $1.14 dividend. The ex-dividend date of this dividend was Thursday, March 9th. This represents a $4.56 annualized dividend and a dividend yield of 2.26%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.12. L3Harris Technologies’s dividend payout ratio (DPR) is 83.36%.

L3Harris Technologies Profile

(Get Rating)

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.