Wealth Enhancement Advisory Services LLC Makes New Investment in L3Harris Technologies, Inc. (NYSE:LHX)

Posted by Defense World Staff on Jul 12th, 2023

Wealth Enhancement Advisory Services LLC purchased a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX – Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,187 shares of the company’s stock, valued at approximately $822,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Concord Wealth Partners acquired a new stake in shares of L3Harris Technologies during the 4th quarter valued at about $25,000. Hanson & Doremus Investment Management acquired a new stake in L3Harris Technologies in the 1st quarter valued at $25,000. Centerpoint Advisors LLC acquired a new stake in L3Harris Technologies in the 4th quarter valued at $26,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in L3Harris Technologies in the 4th quarter valued at $26,000. Finally, Cowa LLC acquired a new stake in L3Harris Technologies in the 1st quarter valued at $26,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. StockNews.com started coverage on shares of L3Harris Technologies in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Credit Suisse Group lowered their price objective on L3Harris Technologies from $240.00 to $234.00 in a report on Monday, May 1st. Finally, Robert W. Baird lowered their price objective on L3Harris Technologies from $241.00 to $222.00 in a report on Monday, May 1st. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of “Hold” and a consensus price target of $250.00.

L3Harris Technologies Trading Up 1.4 %

Shares of L3Harris Technologies stock opened at $197.38 on Wednesday. The stock has a market cap of $37.39 billion, a P/E ratio of 41.21, a P/E/G ratio of 6.15 and a beta of 0.73. The stock’s 50 day simple moving average is $188.61 and its 200-day simple moving average is $198.13. L3Harris Technologies, Inc. has a 1-year low of $174.55 and a 1-year high of $255.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.14 and a quick ratio of 0.89.

L3Harris Technologies (NYSE:LHX – Get Free Report) last announced its quarterly earnings results on Thursday, April 27th. The company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.87 by ($0.01). The firm had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.26 billion. L3Harris Technologies had a net margin of 5.30% and a return on equity of 13.03%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.12 EPS. Analysts predict that L3Harris Technologies, Inc. will post 12.28 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Investors of record on Friday, June 2nd were issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Thursday, June 1st. L3Harris Technologies’s dividend payout ratio is presently 95.20%.

L3Harris Technologies Profile

(Free Report)

L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.