ProShare Advisors LLC Acquires 4,123 Shares of L3Harris Technologies Inc $LHX

Key Points

• ProShare Advisors increased its L3Harris stake by 14.4%, buying 4,123 shares in the third quarter to hold 32,679 shares valued at about $7.74 million.
• Institutional investors own 84.76% of L3Harris shares. Analysts’ consensus is “Moderate Buy,” with an average price target of $345.60.
• L3Harris beat quarterly earnings and revenue estimates: EPS was $3.28 versus $2.95 expected, while revenue rose 7.1% year over year to $6.07 billion. It also declared a $1.25 quarterly dividend, equivalent to a 1.9% yield.

ProShare Advisors LLC boosted its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 14.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,679 shares of the company's stock after purchasing an additional 4,123 shares during the period. ProShare Advisors LLC's holdings in L3Harris Technologies were worth $7,738,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of LHX. BlackRock Inc. bought a new stake in shares of L3Harris Technologies in the 2nd quarter valued at about $5,525,806,000. State Street Corp boosted its holdings in L3Harris Technologies by 2.9% in the second quarter. State Street Corp now owns 9,097,353 shares of the company's stock valued at $2,643,600,000 after acquiring an additional 252,662 shares during the last quarter. Wellington Management Group LLP boosted its holdings in L3Harris Technologies by 7.1% in 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 acquiring an additional 313,431 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in L3Harris Technologies during the 2nd quarter valued at approximately $752,983,000. Finally, Bank of America Corp DE raised its holdings in 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 worth $565,297,000 after purchasing an additional 27,610 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LHX. Argus downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Friday, September 25th. Bank of America increased their price objective on shares of L3Harris Technologies from $325.00 to $375.00 and gave the stock a "buy" rating in a research report on Tuesday. The Goldman Sachs Group lowered their target price on shares of L3Harris Technologies from $405.00 to $361.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a report on Tuesday, August 18th. Finally, Melius Research downgraded L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, September 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $345.60.

L3Harris Technologies Price Performance

Shares of LHX opened at $259.61 on Thursday. The firm has a market cap of $48.34 billion, a PE ratio of 24.22, a price-to-earnings-growth ratio of 1.71 and a beta of 0.47. L3Harris Technologies Inc has a 52-week low of $232.34 and a 52-week high of $379.23. The business's 50 day moving average price is $250.27 and its two-hundred day moving average price is $304.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported $3.28 earnings per share 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 company had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.92 billion. During the same quarter in the previous year, the business posted $2.70 EPS. L3Harris Technologies's revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that L3Harris Technologies Inc will post 11.98 EPS for the current year.

L3Harris Technologies Announces Dividend

The business 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 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, December 4th. L3Harris Technologies's dividend payout ratio (DPR) is presently 46.64%.

L3Harris Technologies 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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