Gulf International Bank UK Ltd reduced its position in shares of L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) by 21.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,061 shares of the company’s stock after selling 6,921 shares during the period. Gulf International Bank UK Ltd’s holdings in L3Harris Technologies were worth $4,917,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in LHX. BlackRock Inc. grew its position in L3Harris Technologies by 15.1% in the third quarter. BlackRock Inc. now owns 14,314,799 shares of the company’s stock worth $2,975,043,000 after acquiring an additional 1,875,236 shares in the last quarter. Norges Bank bought a new stake in L3Harris Technologies in the fourth quarter worth $342,413,000. Price T Rowe Associates Inc. MD lifted its stake in L3Harris Technologies by 17.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 9,758,276 shares of the company’s stock worth $2,028,151,000 after purchasing an additional 1,448,364 shares during the last quarter. Cowa LLC bought a new stake in L3Harris Technologies in the first quarter worth $26,000. Finally, CIBC Private Wealth Group LLC lifted its stake in L3Harris Technologies by 66.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,939,444 shares of the company’s stock worth $403,812,000 after purchasing an additional 775,738 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the stock. StockNews.com assumed coverage on shares of L3Harris Technologies in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Robert W. Baird lowered their price objective on shares of L3Harris Technologies from $241.00 to $222.00 in a research note on Monday, May 1st. Finally, Credit Suisse Group lowered their price objective on shares of L3Harris Technologies from $240.00 to $234.00 in a research note on Monday, May 1st. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies presently has an average rating of “Hold” and a consensus price target of $250.00.
L3Harris Technologies Price Performance
LHX stock opened at $194.10 on Friday. L3Harris Technologies, Inc. has a 1 year low of $174.55 and a 1 year high of $255.10. The company has a market cap of $36.77 billion, a P/E ratio of 40.52, a PEG ratio of 6.15 and a beta of 0.71. The firm has a 50-day moving average of $189.71 and a 200 day moving average of $200.04. 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 Rating) last released its quarterly earnings results on Thursday, April 27th. The company reported $2.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.87 by ($0.01). The company had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.26 billion. L3Harris Technologies had a return on equity of 13.03% and a net margin of 5.30%. L3Harris Technologies’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the company earned $3.12 earnings per share. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 12.32 EPS for the current 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 issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Thursday, June 1st. L3Harris Technologies’s dividend payout ratio (DPR) is presently 95.20%.
L3Harris Technologies Profile
L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across the air, land, sea, space, and cyber domains. It operates through the following segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems. The Integrated Mission Systems segment consists of multi-mission ISR and communication systems, integrated electrical and electronic systems for maritime platforms, and advanced electro-optical and infrared solutions.
Further Reading
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