Welch & Forbes LLC Buys 10,723 Shares of L3Harris Technologies Inc $LHX

Key Points

• Welch & Forbes increased its L3Harris stake by 7.7% in the third quarter, buying 10,723 shares to bring its holding to 149,824 shares, valued at about $35.5 million.
• L3Harris beat quarterly expectations, reporting earnings of $3.28 per share versus $2.95 forecast and revenue of $6.07 billion, up 7.1% year over year.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5 annually and a 1.8% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $340.93.

Welch & Forbes LLC increased its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,824 shares of the company's stock after purchasing an additional 10,723 shares during the quarter. Welch & Forbes LLC owned approximately 0.08% of L3Harris Technologies worth $35,475,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. NBH Bank acquired a new position in shares of L3Harris Technologies in the second quarter worth about $26,000. Elevation Wealth Partners LLC raised 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 valued at $29,000 after acquiring an additional 44 shares during the period. John Boyer Inc. purchased a new stake in shares of L3Harris Technologies in the 3rd quarter valued at approximately $31,000. Bell Investment Advisors Inc purchased a new stake in shares of L3Harris Technologies in the 2nd quarter valued at approximately $33,000. Finally, Fiduciary Financial Advisors acquired a new position in L3Harris Technologies in the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Up 4.5%

L3Harris Technologies stock opened at $271.60 on Tuesday. The firm has a market cap of $50.57 billion, a price-to-earnings ratio of 25.34, a P/E/G ratio of 1.59 and a beta of 0.47. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05. L3Harris Technologies Inc has a fifty-two week low of $232.34 and a fifty-two week high of $379.23. The firm has a fifty day moving average price of $250.33 and a two-hundred day moving average price of $302.80.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, topping analysts' consensus estimates of $2.95 by $0.33. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The company had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.92 billion. During the same period in the previous year, the company earned $2.70 earnings per share. The company's quarterly revenue was up 7.1% compared to the same quarter last year. As a group, analysts forecast that L3Harris Technologies Inc will post 12.10 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies's dividend payout ratio (DPR) is 46.64%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. TD Cowen decreased their target price on L3Harris Technologies from $370.00 to $280.00 and set a "buy" rating for the company in a research report on Friday, October 9th. Melius Research lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, September 8th. Weiss Ratings downgraded L3Harris Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 10th. Citigroup began coverage on L3Harris Technologies in a research note on Monday. They issued a "buy" rating and a $348.00 price objective for the company. Finally, Susquehanna decreased their price objective on L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $340.93.

About L3Harris Technologies

L3Harris Technologies is a defense and aerospace company that develops technology and systems for government and commercial customers. Its offerings include tactical communications, intelligence and surveillance systems, sensors, electronic warfare capabilities, space systems, and aviation technologies.

The company also provides propulsion and related systems for defense and space applications through Aerojet Rocketdyne, which it acquired in 2023. Its products and services support missions including military communications, situational awareness, space operations, and national security.

L3Harris was formed in 2019 through the merger of L3 Technologies and Harris Corporation.

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