L3Harris Technologies Inc $LHX Stock Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its L3Harris stake by 6.1% in the third quarter, adding 25,742 shares to reach 447,754 shares valued at about $106.7 million.
• L3Harris beat quarterly expectations, reporting EPS of $3.28 versus $2.95 expected and revenue of $6.07 billion versus $5.92 billion; revenue rose 7.1% year over year.
• Analyst sentiment is moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $340.93. The company also announced a quarterly dividend of $1.25 per share.

Allspring Global Investments Holdings LLC grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 6.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 447,754 shares of the company's stock after acquiring an additional 25,742 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.24% of L3Harris Technologies worth $106,745,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new position in L3Harris Technologies during the 2nd quarter worth $5,525,806,000. State Street Corp increased its holdings in shares of L3Harris Technologies by 2.9% during the second quarter. State Street Corp now owns 9,097,353 shares of the company's stock valued at $2,643,600,000 after purchasing an additional 252,662 shares during the period. Wellington Management Group LLP raised its stake in shares of 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 in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of L3Harris Technologies during the 2nd quarter worth about $752,983,000. Finally, Bank of America Corp DE lifted its position in L3Harris Technologies by 1.4% in the second quarter. Bank of America Corp DE now owns 1,945,342 shares of the company's stock worth $565,297,000 after purchasing an additional 27,610 shares during the period. Institutional investors own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America lifted their target price on L3Harris Technologies from $325.00 to $375.00 and gave the stock a "buy" rating in a report on Tuesday, November 3rd. The Goldman Sachs Group dropped their price target on L3Harris Technologies from $405.00 to $361.00 and set a "buy" rating on the stock in a 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 for the company in a research report on Wednesday, October 14th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Sunday, November 1st. Finally, TD Cowen decreased their target price on shares of L3Harris Technologies from $370.00 to $280.00 and set a "buy" rating for the company in a report on Friday, October 9th. Two 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $340.93.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $271.60 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05. L3Harris Technologies Inc has a one year low of $232.34 and a one year high of $379.23. The business's 50-day moving average price is $250.33 and its two-hundred day moving average price is $302.80. The company has a market capitalization of $50.57 billion, a P/E ratio of 21.66, a price-to-earnings-growth ratio of 1.59 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The company reported $3.28 earnings per share 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 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 business's quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the business earned $2.70 EPS. Analysts anticipate that L3Harris Technologies Inc will post 12.10 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $1.25 dividend. The ex-dividend date is Friday, December 4th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's dividend payout ratio is currently 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.

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

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