L3Harris Technologies Inc $LHX Stock Sold by AIA Group Ltd

Key Points

• AIA Group cut its L3Harris stake by 42.7% in the third quarter, selling 5,753 shares and retaining 7,725 shares valued at about $1.83 million.
• L3Harris shares were down 6.5%; however, the company beat quarterly earnings and revenue estimates, with EPS of $3.28 and revenue of $6.07 billion, up 7.1% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $345.60. L3Harris also declared a quarterly dividend of $1.25 per share, equivalent to a 1.9% yield.

AIA Group Ltd lowered its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 42.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,725 shares of the company's stock after selling 5,753 shares during the period. AIA Group Ltd's holdings in L3Harris Technologies were worth $1,829,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. NBH Bank bought a new position in L3Harris Technologies in the 2nd quarter valued at approximately $26,000. Cedar Mountain Advisors LLC lifted its holdings in shares of L3Harris Technologies by 1,233.3% during the first quarter. Cedar Mountain Advisors LLC now owns 80 shares of the company's stock worth $28,000 after purchasing an additional 74 shares during the period. Elevation Wealth Partners LLC lifted its holdings in shares of L3Harris Technologies by 80.0% during the second quarter. Elevation Wealth Partners LLC now owns 99 shares of the company's stock worth $29,000 after purchasing an additional 44 shares during the period. John Boyer Inc. bought a new stake in shares of L3Harris Technologies in the third quarter worth $31,000. Finally, Bell Investment Advisors Inc bought a new stake in shares of L3Harris Technologies in the 2nd quarter valued at about $33,000. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LHX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Sunday. Melius Research cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, September 8th. UBS Group lifted their target price on shares of L3Harris Technologies from $264.00 to $293.00 and gave the stock 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. Finally, Susquehanna cut their price target on shares of L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $345.60.

L3Harris Technologies Stock Down 6.5%

LHX stock opened at $259.61 on Thursday. The firm has a market capitalization of $48.34 billion, a PE ratio of 23.16, a P/E/G ratio of 1.71 and a beta of 0.47. The company has a quick ratio of 1.05, a current ratio of 1.20 and a debt-to-equity ratio of 0.45. L3Harris Technologies Inc has a twelve month low of $232.34 and a twelve month high of $379.23. The stock's 50 day moving average is $250.27 and its 200-day moving average is $304.02.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $3.28 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.92 billion. During the same quarter last year, the business posted $2.70 EPS. The company's revenue for the quarter was up 7.1% on a year-over-year basis. Sell-side analysts expect that L3Harris Technologies Inc will post 11.98 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued 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 presently 46.64%.

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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