Bahl & Gaynor LLC Sells 97,683 Shares of L3Harris Technologies Inc $LHX

Key Points

• Bahl & Gaynor cut its L3Harris stake by 58.7% in the third quarter, selling 97,683 shares and retaining 68,598 shares valued at about $16.2 million.
• Other institutional investors increased their holdings, and hedge funds and other institutions collectively owned 84.76% of the stock.
• L3Harris beat quarterly earnings and revenue estimates, reporting EPS of $3.28 and revenue of $6.07 billion. Analysts’ consensus rating was “Moderate Buy,” with a $340.93 average price target.

Bahl & Gaynor LLC lowered its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 58.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,598 shares of the company's stock after selling 97,683 shares during the quarter. Bahl & Gaynor LLC's holdings in L3Harris Technologies were worth $16,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mesirow Financial Investment Management Inc. boosted its position in L3Harris Technologies by 10.2% in the third quarter. Mesirow Financial Investment Management Inc. now owns 2,864 shares of the company's stock valued at $678,000 after buying an additional 264 shares during the last quarter. Lido Advisors LLC increased its holdings in L3Harris Technologies by 12.9% in the 3rd quarter. Lido Advisors LLC now owns 133,687 shares of the company's stock worth $31,655,000 after buying an additional 15,228 shares during the period. Cornerstone Wealth Management LLC raised its position in L3Harris Technologies by 24.8% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 1,164 shares of the company's stock worth $276,000 after buying an additional 231 shares during the last quarter. Triton Wealth Management PLLC raised its position in L3Harris Technologies by 31.5% during the 3rd quarter. Triton Wealth Management PLLC now owns 1,077 shares of the company's stock worth $255,000 after buying an additional 258 shares during the last quarter. Finally, Welch & Forbes LLC lifted its stake in L3Harris Technologies by 7.7% during the 3rd quarter. Welch & Forbes LLC now owns 149,824 shares of the company's stock valued at $35,475,000 after acquiring an additional 10,723 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LHX has been the topic of several recent research reports. Susquehanna dropped their price objective on shares of L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating on the stock in a report on Friday, July 31st. Melius Research downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, September 8th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Sunday, November 1st. Deutsche Bank reaffirmed a "hold" rating on shares of L3Harris Technologies in a research report on Tuesday, August 18th. Finally, Argus lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Friday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $340.93.

L3Harris Technologies Price Performance

NYSE:LHX opened at $276.28 on Thursday. L3Harris Technologies Inc has a 12 month low of $232.34 and a 12 month high of $379.23. The stock has a 50 day moving average of $250.79 and a two-hundred day moving average of $302.01. The company has a current ratio of 1.20, a quick ratio of 1.05 and a debt-to-equity ratio of 0.45. The firm has a market cap of $51.44 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 1.69 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its 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 business had revenue of $6.07 billion during the quarter, compared to analysts' expectations of $5.92 billion. During the same quarter in the prior year, the firm earned $2.70 earnings per share. The business's revenue was up 7.1% compared to the same quarter last year. On average, analysts expect that L3Harris Technologies Inc will post 12.10 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 paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies's payout ratio is 46.64%.

L3Harris Technologies Company Profile

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.

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