Cornerstone Advisors LLC Buys 29,634 Shares of L3Harris Technologies Inc $LHX

Cornerstone Advisors LLC bought a new position in L3Harris Technologies Inc (NYSE:LHX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 29,634 shares of the company’s stock, valued at approximately $7,017,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LHX. Concurrent Investment Advisors LLC raised its holdings in shares of L3Harris Technologies by 29.4% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 53,138 shares of the company’s stock worth $15,441,000 after purchasing an additional 12,059 shares during the period. Community Trust & Investment Co. lifted its stake in shares of L3Harris Technologies by 8.2% in the 3rd quarter. Community Trust & Investment Co. now owns 63,777 shares of the company’s stock valued at $15,101,000 after purchasing an additional 4,828 shares in the last quarter. Meeder Advisory Services Inc. purchased a new stake in shares of L3Harris Technologies during the 2nd quarter worth about $1,397,000. ASK Capital Investment Managers LLC purchased a new stake in shares of L3Harris Technologies during the 3rd quarter worth about $1,839,000. Finally, Swiss National Bank increased its position in L3Harris Technologies by 7.1% during the 1st quarter. Swiss National Bank now owns 549,029 shares of the company’s stock worth $189,497,000 after purchasing an additional 36,320 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Trading Up 0.2%

Shares of LHX opened at $272.42 on Friday. L3Harris Technologies Inc has a 12 month low of $232.34 and a 12 month high of $379.23. The stock’s 50-day moving average is $251.22 and its two-hundred day moving average is $301.15. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05. The stock has a market cap of $50.72 billion, a PE ratio of 25.41, a P/E/G ratio of 1.66 and a beta of 0.47.

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

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, December 4th. L3Harris Technologies’s dividend payout ratio is currently 46.64%.

Wall Street Analyst Weigh In

LHX has been the topic of several research reports. UBS Group raised their price target on shares of L3Harris Technologies from $264.00 to $293.00 and gave the company a “neutral” rating in a report on Friday, October 30th. Royal Bank Of Canada boosted their price objective on shares of L3Harris Technologies from $265.00 to $295.00 and gave the stock a “sector perform” rating in a research note on Friday, October 30th. Melius Research lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, September 8th. Guggenheim assumed coverage on shares of L3Harris Technologies in a research report on Monday, September 14th. They issued a “buy” rating and a $365.00 price objective for the company. Finally, TD Cowen cut their target price on shares of L3Harris Technologies from $370.00 to $280.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.93.

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.