Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in L3Harris Technologies Inc $LHX

Key Points

• Mirae Asset Global Investments acquired a new L3Harris stake in the third quarter, purchasing 54,465 shares valued at approximately $12.9 million. Institutional investors own 84.76% of the company’s stock.
• L3Harris reported quarterly earnings of $3.28 per share, beating the $2.95 consensus estimate, while revenue rose 7.1% year over year to $6.07 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $345.60; the company also announced a quarterly dividend of $1.25 per share.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 54,465 shares of the company's stock, valued at approximately $12,896,000.

Other institutional investors have also recently added to or reduced their stakes in the company. SFE Investment Counsel boosted its holdings in L3Harris Technologies by 33.6% in the third quarter. SFE Investment Counsel now owns 31,772 shares of the company's stock valued at $7,523,000 after acquiring an additional 7,990 shares during the last quarter. ProShare Advisors LLC increased its holdings in L3Harris Technologies by 14.4% in the third quarter. ProShare Advisors LLC now owns 32,679 shares of the company's stock worth $7,738,000 after purchasing an additional 4,123 shares in the last quarter. Vise Technologies Inc. increased its holdings in L3Harris Technologies by 34.1% in the third quarter. Vise Technologies Inc. now owns 7,798 shares of the company's stock worth $1,846,000 after purchasing an additional 1,982 shares in the last quarter. Cidel Asset Management Inc. lifted its stake in L3Harris Technologies by 4.9% in the third quarter. Cidel Asset Management Inc. now owns 1,785 shares of the company's stock valued at $423,000 after buying an additional 83 shares during the period. Finally, Petros Family Wealth LLC lifted its stake in L3Harris Technologies by 9.5% in the third quarter. Petros Family Wealth LLC now owns 6,199 shares of the company's stock valued at $1,468,000 after buying an additional 539 shares during the period. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Stock Down 0.7%

L3Harris Technologies stock opened at $277.12 on Wednesday. The firm has a market capitalization of $51.60 billion, a price-to-earnings ratio of 25.85, a price-to-earnings-growth ratio of 1.68 and a beta of 0.47. The firm's fifty day moving average price is $250.32 and its two-hundred day moving average price is $304.42. L3Harris Technologies Inc has a 1-year low of $232.34 and a 1-year high of $379.23. The company has a current ratio of 1.20, a quick ratio of 1.05 and a debt-to-equity ratio of 0.45.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $3.28 EPS 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 company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.92 billion. During the same period in the previous year, the firm posted $2.70 earnings per share. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities research analysts predict that L3Harris Technologies Inc will post 12.32 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies's payout ratio is currently 46.64%.

Analyst Ratings Changes

A number of research firms have issued reports on LHX. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a report on Tuesday, August 18th. BNP Paribas Exane lowered their price objective on shares of L3Harris Technologies from $330.00 to $310.00 and set a "neutral" rating for the company in a research note on Thursday, July 30th. Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $265.00 to $295.00 and gave the company a "sector perform" rating in a research report on Friday, October 30th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Bank of America increased their target price on shares of L3Harris Technologies from $325.00 to $375.00 and gave the stock a "buy" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $345.60.

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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