Foundations Investment Advisors LLC Raises Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Posted by Defense World Staff on Jul 12th, 2023

Foundations Investment Advisors LLC boosted its stake in L3Harris Technologies, Inc. (NYSE:LHX – Free Report) by 10.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,486 shares of the company’s stock after acquiring an additional 243 shares during the quarter. Foundations Investment Advisors LLC’s holdings in L3Harris Technologies were worth $488,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in LHX. Tokio Marine Asset Management Co. Ltd. boosted its stake in L3Harris Technologies by 10.4% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,246 shares of the company’s stock valued at $676,000 after buying an additional 306 shares in the last quarter. Toroso Investments LLC raised its stake in shares of L3Harris Technologies by 10.2% in the 3rd quarter. Toroso Investments LLC now owns 10,138 shares of the company’s stock valued at $2,107,000 after acquiring an additional 938 shares in the last quarter. Kentucky Retirement Systems raised its stake in shares of L3Harris Technologies by 0.4% in the 4th quarter. Kentucky Retirement Systems now owns 15,044 shares of the company’s stock valued at $3,132,000 after acquiring an additional 65 shares in the last quarter. First Hawaiian Bank grew its holdings in L3Harris Technologies by 14.0% in the 1st quarter. First Hawaiian Bank now owns 4,836 shares of the company’s stock valued at $949,000 after buying an additional 593 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in L3Harris Technologies by 23.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,664 shares of the company’s stock valued at $763,000 after buying an additional 687 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Stock Up 1.4 %

LHX stock opened at $197.38 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.14 and a quick ratio of 0.89. The stock has a market capitalization 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 business has a 50-day moving average of $188.61 and a 200-day moving average of $198.13. L3Harris Technologies, Inc. has a fifty-two week low of $174.55 and a fifty-two week high of $255.10.

L3Harris Technologies (NYSE:LHX – Get Free Report) last posted its quarterly earnings data 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 return on equity of 13.03% and a net margin of 5.30%. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company earned $3.12 earnings per share. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 12.28 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

About L3Harris Technologies

(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.

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

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