L3Harris Technologies Inc $LHX Stock: Provenance Wealth Advisors LLC Grows Position

Provenance Wealth Advisors LLC lifted its holdings in L3Harris Technologies Inc (NYSE:LHX) by 2,207.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 3,576 shares of the company’s stock after buying an additional 3,421 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in L3Harris Technologies were worth $847,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in LHX. Concurrent Investment Advisors LLC raised its position in L3Harris Technologies by 29.4% in the second quarter. Concurrent Investment Advisors LLC now owns 53,138 shares of the company’s stock valued at $15,441,000 after purchasing an additional 12,059 shares during the period. Community Trust & Investment Co. boosted its position in shares of L3Harris Technologies by 8.2% in the third quarter. Community Trust & Investment Co. now owns 63,777 shares of the company’s stock worth $15,101,000 after buying an additional 4,828 shares during the period. Meeder Advisory Services Inc. purchased a new stake in shares of L3Harris Technologies in the second quarter worth about $1,397,000. Swiss National Bank grew its stake in shares of L3Harris Technologies by 7.1% in the first quarter. Swiss National Bank now owns 549,029 shares of the company’s stock valued at $189,497,000 after buying an additional 36,320 shares in the last quarter. Finally, ASK Capital Investment Managers LLC acquired a new stake in shares of L3Harris Technologies in the third quarter valued at about $1,839,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Stock Down 6.5%

Shares of NYSE LHX opened at $259.61 on Thursday. L3Harris Technologies Inc has a 1 year low of $232.34 and a 1 year high of $379.23. The firm has a market cap of $48.34 billion, a price-to-earnings ratio of 24.22, a PEG ratio of 1.71 and a beta of 0.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20. The stock’s 50-day simple moving average is $250.27 and its 200-day simple moving average is $304.02.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, beating analysts’ consensus estimates of $2.95 by $0.33. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The firm had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter in the prior year, the business posted $2.70 earnings per share. L3Harris Technologies’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, equities analysts anticipate that L3Harris Technologies Inc will post 11.98 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies’s dividend payout ratio is presently 46.64%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LHX. Sanford C. Bernstein decreased their price target on L3Harris Technologies from $346.00 to $318.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Guggenheim initiated coverage on shares of L3Harris Technologies in a research note on Monday, September 14th. They set a “buy” rating and a $365.00 price objective on the stock. UBS Group boosted their target price on shares of L3Harris Technologies from $264.00 to $293.00 and gave the stock a “neutral” rating in a research report on Friday, October 30th. Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $265.00 to $295.00 and gave the stock a “sector perform” rating in a research report on Friday, October 30th. Finally, The Goldman Sachs Group decreased their target price on shares of L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $345.60.

L3Harris Technologies Profile

L3Harris Technologies, Inc is a technology and defense company that develops products and systems for government and commercial customers. Its offerings support aerospace, defense, space, communications, intelligence, surveillance and reconnaissance, electronic warfare, missile defense, and aviation missions.

The company provides secure communications equipment, tactical radios, sensors, avionics, electronic warfare systems, missile and air defense technologies, space payloads and systems, and other mission-critical solutions.