Bryn Mawr Trust Advisors LLC Makes New Investment in L3Harris Technologies Inc $LHX

Key Points

• Bryn Mawr Trust Advisors opened a position in L3Harris, acquiring 20,330 shares worth about $4.8 million in the third quarter. Institutional investors and hedge funds collectively own 84.76% of the company.
• L3Harris beat quarterly earnings and revenue expectations, reporting EPS of $3.28 and revenue of $6.07 billion; revenue grew 7.1% year over year.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5 annually and a 1.9% yield. Analysts’ consensus rating is “Moderate Buy,” with a $345.60 average price target.

Bryn Mawr Trust Advisors LLC acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 20,330 shares of the company's stock, valued at approximately $4,814,000.

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

L3Harris Technologies Price Performance

NYSE LHX opened at $260.24 on Monday. The company has a market cap of $48.46 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.59 and a beta of 0.47. 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 stock's fifty day moving average price is $250.16 and its 200 day moving average price is $303.18. L3Harris Technologies Inc has a 1 year low of $232.34 and a 1 year high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, topping analysts' consensus estimates of $2.95 by $0.33. The company had revenue of $6.07 billion during the quarter, compared to analysts' expectations of $5.92 billion. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.70 EPS. As a group, equities research analysts forecast that L3Harris Technologies Inc will post 12.10 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, December 4th. L3Harris Technologies's dividend payout ratio (DPR) is presently 46.64%.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of research analyst reports. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Sunday, November 1st. Susquehanna decreased their price objective on shares of L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a research report on Friday, July 31st. TD Cowen lowered their target price on shares of L3Harris Technologies from $370.00 to $280.00 and set a "buy" rating for the company in a research note on Friday, October 9th. BNP Paribas Exane lowered 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 note on Thursday, July 30th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus target price of $345.60.

L3Harris Technologies 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.

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

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