B&D White Capital Company LLC Acquires New Position in L3Harris Technologies Inc $LHX

Key Points

• B&D White Capital initiated a 248,330-share position in L3Harris during the third quarter, worth about $58.8 million and representing 5.7% of its portfolio.
• L3Harris beat quarterly earnings and revenue expectations, reporting EPS of $3.28 and revenue of $6.07 billion; revenue rose 7.1% year over year.
• The company announced a quarterly dividend of $1.25 per share, equivalent to $5.00 annually and a 1.9% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $345.60.

B&D White Capital Company LLC purchased a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 248,330 shares of the company's stock, valued at approximately $58,800,000. L3Harris Technologies comprises about 5.7% of B&D White Capital Company LLC's portfolio, making the stock its 4th largest position. B&D White Capital Company LLC owned 0.13% of L3Harris Technologies at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of L3Harris Technologies during the second quarter valued at about $5,525,806,000. Bank of New York Mellon Corp bought a new stake in shares of L3Harris Technologies in the second quarter worth about $752,983,000. Deutsche Bank AG bought a new stake in shares of L3Harris Technologies in the second quarter worth about $174,006,000. Man Group plc increased its holdings in L3Harris Technologies by 5,286.7% during the 2nd quarter. Man Group plc now owns 563,720 shares of the company's stock valued at $163,811,000 after purchasing an additional 553,255 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in L3Harris Technologies during the 2nd quarter valued at about $144,100,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $258.88 on Friday. The stock has a market cap of $48.20 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 1.59 and a beta of 0.47. The business's fifty day moving average is $250.19 and its 200 day moving average is $303.58. L3Harris Technologies Inc has a twelve month low of $232.34 and a twelve month high of $379.23. The company has a quick ratio of 1.05, a current ratio of 1.20 and a debt-to-equity ratio of 0.45.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.95 by $0.33. The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.70 earnings per share. Research analysts expect that L3Harris Technologies Inc will post 12.04 EPS 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. Stockholders of record on Friday, December 4th will be given a $1.25 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. L3Harris Technologies's dividend payout ratio is currently 46.64%.

Analyst Ratings Changes

A number of research firms have commented on LHX. The Goldman Sachs Group lowered their price target on L3Harris Technologies from $405.00 to $361.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Sanford C. Bernstein cut their price objective on L3Harris Technologies from $346.00 to $318.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 14th. UBS Group lifted their price objective on L3Harris Technologies from $264.00 to $293.00 and gave the stock a "neutral" rating in a research report on Friday, October 30th. Bank of America boosted their target price on L3Harris Technologies from $325.00 to $375.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Royal Bank Of Canada upped their target price on L3Harris Technologies from $265.00 to $295.00 and gave the company a "sector perform" rating in a report on Friday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $345.60.

About L3Harris Technologies

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.

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