L3Harris Technologies Inc $LHX Shares Newly Bought by CenterBook Partners LP

Key Points

• CenterBook Partners initiated a position in L3Harris during the third quarter, buying 10,492 shares valued at approximately $2.48 million. Institutional investors collectively own 84.76% of the company’s stock.
• L3Harris reported quarterly EPS of $3.28, beating the $2.95 consensus estimate, while revenue rose 7.1% year over year to $6.07 billion.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $345.60. The company also declared a quarterly dividend of $1.25 per share, equivalent to a 1.9% yield.

CenterBook Partners LP acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,492 shares of the company's stock, valued at approximately $2,484,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in L3Harris Technologies in the 2nd quarter valued at approximately $5,525,806,000. State Street Corp raised its holdings in shares of L3Harris Technologies by 2.9% in the 2nd quarter. State Street Corp now owns 9,097,353 shares of the company's stock valued at $2,643,600,000 after acquiring an additional 252,662 shares in the last quarter. Wellington Management Group LLP lifted its position in L3Harris Technologies by 7.1% during the second quarter. Wellington Management Group LLP now owns 4,707,086 shares of the company's stock valued at $1,367,832,000 after purchasing an additional 313,431 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of L3Harris Technologies during the 2nd quarter worth $752,983,000. Finally, Bank of America Corp DE lifted its stake in L3Harris Technologies by 22.3% during the first quarter. Bank of America Corp DE now owns 1,917,732 shares of the company's stock worth $661,905,000 after purchasing an additional 350,313 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on LHX shares. UBS Group upped their price objective on shares of L3Harris Technologies from $264.00 to $293.00 and gave the company a "neutral" rating in a research note on Friday, October 30th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a report on Tuesday, August 18th. Argus lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Friday, September 25th. Sanford C. Bernstein decreased their target price on shares of L3Harris Technologies from $346.00 to $318.00 and set an "outperform" rating for the company in a research note on Wednesday, October 14th. Finally, Royal Bank Of Canada lifted their price target on 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 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $345.60.

L3Harris Technologies Stock Performance

Shares of LHX opened at $260.24 on Monday. L3Harris Technologies Inc has a one year low of $232.34 and a one year high of $379.23. The firm has a market capitalization of $48.46 billion, a P/E 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 business has a fifty day moving average of $250.16 and a 200 day moving average of $303.18.

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

L3Harris Technologies Announces Dividend

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 given a dividend of $1.25 per share. 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%.

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.

Want to see what other hedge funds are holding LHX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L3Harris Technologies Inc (NYSE:LHX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.