Welch & Forbes LLC Purchases 10,723 Shares of L3Harris Technologies Inc $LHX

Welch & Forbes LLC grew its position in L3Harris Technologies Inc (NYSE:LHX) by 7.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 149,824 shares of the company’s stock after purchasing an additional 10,723 shares during the quarter. Welch & Forbes LLC’s holdings in L3Harris Technologies were worth $35,475,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of LHX. BlackRock Inc. acquired a new stake in L3Harris Technologies during the 2nd quarter valued at $5,525,806,000. State Street Corp grew its position in shares of L3Harris Technologies by 2.9% during the 2nd quarter. State Street Corp now owns 9,097,353 shares of the company’s stock worth $2,643,600,000 after purchasing an additional 252,662 shares in the last quarter. Wellington Management Group LLP grew its position in shares of L3Harris Technologies by 7.1% during the 2nd quarter. Wellington Management Group LLP now owns 4,707,086 shares of the company’s stock worth $1,367,832,000 after purchasing an additional 313,431 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of L3Harris Technologies during the 2nd quarter worth approximately $752,983,000. Finally, Bank of America Corp DE grew its position in L3Harris Technologies by 22.3% during the first quarter. Bank of America Corp DE now owns 1,917,732 shares of the company’s stock worth $661,905,000 after buying an additional 350,313 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on LHX. Jefferies Financial Group cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price objective for the company. in a research report on Wednesday, August 26th. UBS Group raised their target price 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. BNP Paribas Exane dropped their target price on shares of L3Harris Technologies from $330.00 to $310.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. 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 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of L3Harris Technologies in a report on Tuesday, August 18th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $340.93.

L3Harris Technologies Stock Up 4.5%

NYSE:LHX opened at $271.60 on Tuesday. L3Harris Technologies Inc has a one year low of $232.34 and a one year high of $379.23. 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 company has a market cap of $50.57 billion, a PE ratio of 25.34, a P/E/G ratio of 1.59 and a beta of 0.47. The firm’s 50 day simple moving average is $250.33 and its 200 day simple moving average is $302.80.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.33. The firm had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.92 billion. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The company’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.70 EPS. On average, research analysts anticipate that L3Harris Technologies Inc will post 12.10 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. L3Harris Technologies’s 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.

L3Harris was formed in 2019 through the merger of L3 Technologies and Harris Corporation.