Philadelphia Trust Co. Sells 7,818 Shares of L3Harris Technologies Inc $LHX

Philadelphia Trust Co. decreased its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 6.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,585 shares of the company’s stock after selling 7,818 shares during the period. L3Harris Technologies comprises approximately 1.7% of Philadelphia Trust Co.’s holdings, making the stock its 16th biggest holding. Philadelphia Trust Co.’s holdings in L3Harris Technologies were worth $25,237,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Inc. grew its stake in L3Harris Technologies by 10.2% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 2,864 shares of the company’s stock valued at $678,000 after purchasing an additional 264 shares in the last quarter. Lido Advisors LLC increased its holdings in L3Harris Technologies by 12.9% during the 3rd quarter. Lido Advisors LLC now owns 133,687 shares of the company’s stock worth $31,655,000 after purchasing an additional 15,228 shares during the last quarter. Cornerstone Wealth Management LLC increased its holdings in L3Harris Technologies by 24.8% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 1,164 shares of the company’s stock worth $276,000 after purchasing an additional 231 shares during the last quarter. Triton Wealth Management PLLC boosted its stake in shares of L3Harris Technologies by 31.5% during the 3rd quarter. Triton Wealth Management PLLC now owns 1,077 shares of the company’s stock valued at $255,000 after buying an additional 258 shares during the last quarter. Finally, Welch & Forbes LLC boosted its stake in shares of L3Harris Technologies by 7.7% during the 3rd quarter. Welch & Forbes LLC now owns 149,824 shares of the company’s stock valued at $35,475,000 after buying an additional 10,723 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LHX. Susquehanna decreased their price target on shares of L3Harris Technologies from $410.00 to $350.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Bank of America upped their price target on shares of L3Harris Technologies from $325.00 to $375.00 and gave the company a “buy” rating in a report on Tuesday, November 3rd. BNP Paribas Exane cut their price target on shares of L3Harris Technologies from $330.00 to $310.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. Finally, The Goldman Sachs Group decreased their price objective on shares of L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating for the company in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $340.93.

L3Harris Technologies Stock Up 1.8%

Shares of L3Harris Technologies stock opened at $276.28 on Wednesday. The business has a 50-day moving average price of $250.52 and a 200 day moving average price of $302.40. L3Harris Technologies Inc has a fifty-two week low of $232.34 and a fifty-two week high of $379.23. The firm has a market cap of $51.44 billion, a P/E ratio of 25.77, a P/E/G ratio of 1.66 and a beta of 0.47. The company has a quick ratio of 1.05, a current ratio of 1.20 and a debt-to-equity ratio of 0.45.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, topping analysts’ consensus estimates of $2.95 by $0.33. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. L3Harris Technologies’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.70 EPS. On average, sell-side analysts forecast that L3Harris Technologies Inc will post 12.10 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies’s dividend payout ratio is currently 46.64%.

About L3Harris Technologies

L3Harris Technologies is a defense and aerospace company that develops technology and systems for government and commercial customers. Its offerings include tactical communications, intelligence and surveillance systems, sensors, electronic warfare capabilities, space systems, and aviation technologies. The company also provides propulsion and related systems for defense and space applications through Aerojet Rocketdyne, which it acquired in 2023. Its products and services support missions including military communications, situational awareness, space operations, and national security.