L3Harris Technologies Inc $LHX Shares Newly Purchased by Freemont Management S.A.

Key Points

• Freemont Management S.A. bought 40,000 L3Harris shares in the third quarter, worth about $9.47 million. The stock now represents 9.1% of its portfolio and is its third-largest holding.
• L3Harris beat quarterly expectations, reporting adjusted earnings of $3.28 per share and revenue of $6.07 billion; revenue rose 7.1% year over year. The company declared a quarterly dividend of $1.25 per share.
• Shares opened at $258.88, down 0.3% on the day. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $345.60.

Freemont Management S.A. purchased a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 40,000 shares of the company's stock, valued at approximately $9,471,000. L3Harris Technologies comprises 9.1% of Freemont Management S.A.'s investment portfolio, making the stock its 3rd biggest holding.

A number of other institutional investors have also made changes to their positions in the business. NBH Bank acquired a new stake in L3Harris Technologies in the 2nd quarter valued at approximately $26,000. Cedar Mountain Advisors LLC increased its position in L3Harris Technologies by 1,233.3% in the 1st quarter. Cedar Mountain Advisors LLC now owns 80 shares of the company's stock worth $28,000 after buying an additional 74 shares during the period. Elevation Wealth Partners LLC increased its position in L3Harris Technologies by 80.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 99 shares of the company's stock worth $29,000 after buying an additional 44 shares during the period. John Boyer Inc. acquired a new position in shares of L3Harris Technologies during the third quarter worth approximately $31,000. Finally, Bell Investment Advisors Inc acquired a new position in shares of L3Harris Technologies during the second quarter worth approximately $33,000. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Trading Down 0.3%

L3Harris Technologies stock opened at $258.88 on Friday. The business has a 50 day moving average price of $250.19 and a two-hundred day moving average price of $303.58. The company has a quick ratio of 1.05, a current ratio of 1.20 and a debt-to-equity ratio of 0.45. The stock has a market cap of $48.20 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 1.59 and a beta of 0.47. L3Harris Technologies Inc has a 12 month low of $232.34 and a 12 month high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced 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. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.92 billion. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. L3Harris Technologies's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.70 EPS. As a group, equities analysts forecast that L3Harris Technologies Inc will post 12.04 EPS for the current year.

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Argus downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Friday, September 25th. Jefferies Financial Group cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating and set a $315.00 target price for the company. in a research note on Wednesday, August 26th. Sanford C. Bernstein cut 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. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of L3Harris Technologies in a report on Tuesday, August 18th. Finally, Weiss Ratings lowered shares of L3Harris Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $345.60.

L3Harris Technologies Profile

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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