L3Harris Technologies Inc $LHX Stock Purchased by Conning Inc.

Key Points

• Conning Inc. increased its L3Harris Technologies stake by 22.5% in the third quarter, purchasing 26,957 additional shares and bringing its holdings to 146,726 shares valued at approximately $34.7 million.
• Institutional investors own 84.76% of L3Harris, with major holders including BlackRock, State Street, Wellington Management, Bank of New York Mellon and Bank of America.
• L3Harris reported quarterly earnings of $3.13 per share, exceeding estimates, while revenue rose 8.4% year over year. The company also declared a $1.25 quarterly dividend, and analysts maintain a “Moderate Buy” consensus with an average price target of $341.71.

Conning Inc. increased its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 22.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 146,726 shares of the company's stock after buying an additional 26,957 shares during the period. Conning Inc. owned 0.08% of L3Harris Technologies worth $34,742,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in L3Harris Technologies during the second quarter worth about $5,525,806,000. State Street Corp increased its stake in L3Harris Technologies by 2.9% in the 2nd quarter. State Street Corp now owns 9,097,353 shares of the company's stock worth $2,643,600,000 after acquiring an additional 252,662 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of L3Harris Technologies by 7.1% in the 2nd quarter. Wellington Management Group LLP now owns 4,707,086 shares of the company's stock valued at $1,367,832,000 after acquiring an additional 313,431 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of L3Harris Technologies in the 2nd quarter valued at about $752,983,000. Finally, Bank of America Corp DE boosted its position in shares of L3Harris Technologies by 1.4% during the 2nd quarter. Bank of America Corp DE now owns 1,945,342 shares of the company's stock valued at $565,297,000 after acquiring an additional 27,610 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

LHX opened at $259.95 on Thursday. The stock has a 50-day moving average price of $249.60 and a 200-day moving average price of $305.66. L3Harris Technologies Inc has a 12-month low of $232.34 and a 12-month high of $379.23. The company has a current ratio of 1.18, a quick ratio of 1.03 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $48.40 billion, a P/E ratio of 26.26, a PEG ratio of 1.59 and a beta of 0.50.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.13 EPS for the quarter, beating the consensus estimate of $2.80 by $0.33. The firm had revenue of $5.88 billion for the quarter, compared to analyst estimates of $5.81 billion. L3Harris Technologies had a return on equity of 10.96% and a net margin of 8.17%. The company's revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.78 EPS. Equities analysts predict that L3Harris Technologies Inc will post 11.89 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $5.00 annualized dividend and a yield of 1.9%. L3Harris Technologies's dividend payout ratio is currently 50.51%.

Analysts Set New Price Targets

LHX has been the subject of several recent analyst reports. Susquehanna cut their price objective on L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a report on Friday, July 31st. UBS Group lowered their target price on shares of L3Harris Technologies from $312.00 to $298.00 and set a "neutral" rating on the stock in a research note on Monday, August 3rd. Guggenheim initiated coverage on shares of L3Harris Technologies in a research report on Monday, September 14th. They set a "buy" rating and a $365.00 target price for the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of L3Harris Technologies in a research report on Tuesday, August 18th. Finally, Sanford C. Bernstein cut their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $341.71.

L3Harris Technologies Company 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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