Mitchell & Pahl Private Wealth LLC Acquires 265 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Mitchell & Pahl Private Wealth LLC boosted its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 10.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,900 shares of the company’s stock after acquiring an additional 265 shares during the quarter. Mitchell & Pahl Private Wealth LLC’s holdings in L3Harris Technologies were worth $690,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in L3Harris Technologies by 12.9% in the first quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after purchasing an additional 2,606,267 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of L3Harris Technologies in the second quarter valued at about $210,886,000. Envestnet Asset Management Inc. increased its stake in shares of L3Harris Technologies by 236.8% in the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock valued at $222,186,000 after buying an additional 695,582 shares during the period. Bank of New York Mellon Corp lifted its stake 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 acquiring an additional 523,315 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in L3Harris Technologies by 65.2% in the second quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock valued at $97,532,000 after acquiring an additional 171,420 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Down 0.4 %

Shares of NYSE:LHX traded down $0.88 during mid-day trading on Thursday, hitting $247.26. 265,680 shares of the company traded hands, compared to its average volume of 913,657. The stock has a 50-day moving average price of $234.35 and a two-hundred day moving average price of $225.37. L3Harris Technologies, Inc. has a 12-month low of $169.55 and a 12-month high of $249.00. The stock has a market cap of $46.90 billion, a P/E ratio of 40.29, a P/E/G ratio of 2.08 and a beta of 0.73. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56.

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

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.88%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Analysts Set New Price Targets

Several research firms have issued reports on LHX. Susquehanna raised their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research note on Thursday, October 10th. Wells Fargo & Company dropped their target price on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Finally, Royal Bank of Canada downgraded L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $250.00 to $240.00 in a research note on Wednesday, August 14th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $253.64.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction 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 owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.82% of the stock is currently owned by company insiders.

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.