PNC Financial Services Group Inc. Sells 4,025 Shares of L3Harris Technologies Inc $LHX

PNC Financial Services Group Inc. lowered its holdings in L3Harris Technologies Inc (NYSE:LHX) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,296 shares of the company’s stock after selling 4,025 shares during the period. PNC Financial Services Group Inc.’s holdings in L3Harris Technologies were worth $23,151,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of LHX. Cyndeo Wealth Partners LLC grew its stake in L3Harris Technologies by 2.7% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 1,396 shares of the company’s stock worth $350,000 after buying an additional 37 shares in the last quarter. Fidelis Capital Partners LLC lifted its holdings in shares of L3Harris Technologies by 2.2% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,781 shares of the company’s stock worth $493,000 after acquiring an additional 39 shares during the last quarter. Independence Bank of Kentucky grew its position in L3Harris Technologies by 44.4% in the second quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock worth $33,000 after acquiring an additional 40 shares in the last quarter. DB Fitzpatrick & Co Inc raised its position in L3Harris Technologies by 1.0% during the second quarter. DB Fitzpatrick & Co Inc now owns 4,450 shares of the company’s stock valued at $1,116,000 after purchasing an additional 42 shares in the last quarter. Finally, Riverbend Wealth Management LLC lifted its stake in L3Harris Technologies by 4.3% during the second quarter. Riverbend Wealth Management LLC now owns 1,027 shares of the company’s stock worth $258,000 after purchasing an additional 42 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $289.02 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm’s fifty day simple moving average is $290.17 and its 200 day simple moving average is $266.51. The stock has a market cap of $54.06 billion, a P/E ratio of 32.29, a price-to-earnings-growth ratio of 2.09 and a beta of 0.75. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $308.12.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 30th. The company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.60 by $0.10. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the company earned $3.34 earnings per share. L3Harris Technologies’s quarterly revenue was up 6.9% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. As a group, research analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, November 17th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 51.56%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LHX shares. Morgan Stanley increased their price objective on L3Harris Technologies from $250.00 to $350.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research note on Friday, October 31st. Wall Street Zen upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Finally, Truist Financial raised their target price on shares of L3Harris Technologies from $302.00 to $353.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $295.63.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 14,171 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the sale, the chief executive officer directly owned 144,426 shares of the company’s stock, valued at $43,479,447.30. This represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.