PNC Financial Services Group Inc. Buys 3,448 Shares of L3Harris Technologies Inc $LHX

Key Points

• PNC Financial Services Group increased its stake in L3Harris Technologies by 3.7% in the fourth quarter, buying 3,448 additional shares and bringing its total holding to 95,893 shares worth about $28.2 million.
• Analysts remain constructive on LHX, with multiple firms raising price targets and recent upgrades leaving the stock with a consensus rating of “Moderate Buy” and an average target of $354.75.
• L3Harris reported strong quarterly results, beating earnings and revenue estimates, while also announcing a $1.25 quarterly dividend that implies a 1.6% annual yield.

PNC Financial Services Group Inc. boosted its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,893 shares of the company's stock after acquiring an additional 3,448 shares during the quarter. PNC Financial Services Group Inc. owned 0.05% of L3Harris Technologies worth $28,151,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of LHX. Brighton Jones LLC raised its stake in L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after acquiring an additional 3,001 shares in the last quarter. Jump Financial LLC raised its stake in L3Harris Technologies by 14.9% during the second quarter. Jump Financial LLC now owns 2,995 shares of the company's stock worth $751,000 after acquiring an additional 388 shares in the last quarter. NewEdge Advisors LLC raised its stake in L3Harris Technologies by 14.2% during the second quarter. NewEdge Advisors LLC now owns 17,082 shares of the company's stock worth $4,285,000 after acquiring an additional 2,130 shares in the last quarter. Nebula Research & Development LLC acquired a new position in L3Harris Technologies during the second quarter worth $856,000. Finally, CIBC Asset Management Inc raised its stake in L3Harris Technologies by 116.2% during the second quarter. CIBC Asset Management Inc now owns 61,988 shares of the company's stock worth $15,549,000 after acquiring an additional 33,321 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on LHX. JPMorgan Chase & Co. increased their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. Royal Bank Of Canada increased their price objective on L3Harris Technologies from $360.00 to $365.00 and gave the stock a "sector perform" rating in a research note on Friday, January 30th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. Argus upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, February 27th. Finally, Truist Financial upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $354.75.

Insider Activity at L3Harris Technologies

In related news, insider Samir Mehta sold 5,528 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the transaction, the insider owned 7,756 shares in the company, valued at $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Melanie Rakita sold 2,378 shares of the firm's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the transaction, the vice president owned 4,882 shares in the company, valued at approximately $1,666,958.90. This represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,365 shares of company stock worth $5,861,117 over the last 90 days. Insiders own 0.68% of the company's stock.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $312.12 on Friday. The stock's fifty day moving average is $336.51 and its 200-day moving average is $325.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.89 and a current ratio of 1.03. The stock has a market capitalization of $58.15 billion, a PE ratio of 33.89, a PEG ratio of 1.55 and a beta of 0.51. L3Harris Technologies Inc has a 52 week low of $235.72 and a 52 week high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.53 by $0.19. The company had revenue of $5.74 billion for the quarter, compared to analysts' expectations of $5.42 billion. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The business's revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.41 earnings per share. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. Equities research analysts expect that L3Harris Technologies Inc will post 11.52 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $1.25 dividend. The ex-dividend date is Friday, June 5th. This represents a $5.00 annualized dividend and a yield of 1.6%. L3Harris Technologies's dividend payout ratio (DPR) is currently 54.29%.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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