Zacks Investment Management Increases Stake in L3Harris Technologies

Zacks Investment Management has increased its ownership in L3Harris Technologies, Inc. (NYSE:LHX) by 17.8% during the third quarter, as revealed in their latest Form 13F filing with the Securities and Exchange Commission. Following the purchase of an additional 27,990 shares, the firm now owns a total of 184,956 shares of the company's stock, amounting to an approximate value of $43,995,000, which represents about 0.10% of L3Harris Technologies.

Other institutional investors and hedge funds have also adjusted their positions in L3Harris Technologies recently. For instance, Meeder Asset Management Inc. significantly boosted its holdings by 260.6% in the second quarter, acquiring 119 shares after adding 86 shares. Similarly, Archer Investment Corp increased its stake by 48.9% in the third quarter, owning 131 shares after buying 43 additional shares. Moreover, Kennebec Savings Bank entered a new position in L3Harris Technologies valued around $36,000 during the same quarter. Family Firm Inc. and Ashton Thomas Private Wealth LLC also made new purchases of shares, worth $45,000 and $57,000 respectively. Overall, institutional investors now hold 84.76% of the company's stock.

L3Harris Technologies Stock Overview

As of last Friday, LHX stock was trading at $234.62. The stock has experienced a 52-week range, with a low of $193.34 and a high of $265.74. With a market capitalization of $44.50 billion, the company has a price-to-earnings ratio of 37.06 and a PEG ratio of 2.01. L3Harris Technologies maintains a beta of 0.72, indicating it is less volatile than the broader market. Financial metrics show a debt-to-equity ratio of 0.58, a quick ratio of 0.87, and a current ratio of 1.04. The company’s 50-day and 200-day simple moving averages stand at $246.70 and $234.56, respectively.

• Stock Performance Review: Analyst Ratings and Upgrades

L3Harris Technologies recently announced its earnings on October 24th. The company posted earnings of $3.34 per share, exceeding analysts' estimates of $3.27 by a margin of $0.07. The company achieved a net margin of 5.71% along with a return on equity of 13.11%. Revenue for the quarter reached $5.29 billion, slightly above the expected $5.28 billion, marking a 7.7% growth compared to the same quarter last year. Analysts predict that L3Harris Technologies will report an EPS of 13.09 for the current fiscal year.

Dividend Declaration by L3Harris Technologies

Recently, L3Harris Technologies declared a quarterly dividend which was paid on December 6th. Shareholders on record as of November 18th received a dividend of $1.16 per share. This translates to an annualized dividend of $4.64, with a yield of 1.98%. The payout ratio stands at 73.30%.

Analyst Insights on L3Harris Technologies

Equity research analysts have provided various ratings for L3Harris Technologies. StockNews.com upgraded the shares from a “hold” to a “buy” rating recently. Wells Fargo raised its target price from $260.00 to $295.00 and rated the stock as “overweight.” Deutsche Bank, however, lowered its price target to $250.00, maintaining a “hold” rating. On the other hand, Argus raised L3Harris Technologies to a “buy” rating with a price objective of $300.00. Bank of America also upgraded its rating from “neutral” to “buy” while increasing the price target from $240.00 to $300.00. Currently, four analysts recommend a hold while twelve suggest a buy rating, averaging a consensus rating of "Moderate Buy" with a target price of $269.67.

Insider Trading Activity

In insider news, Ross Niebergall, an insider at L3Harris Technologies, sold 2,988 shares on October 2nd at an average price of $244.68, resulting in a total transaction of approximately $731,104. Following this sale, Niebergall retained 13,328 shares valued at around $3,261,095. This sale amounted to an 18.31% decrement in ownership. Insider ownership currently stands at 0.82% of total shares.

About L3Harris Technologies

L3Harris Technologies, Inc. specializes in mission-critical solutions for both governmental and commercial clients globally. Its Integrated Mission Systems sector focuses on providing intelligence, surveillance, and reconnaissance (ISR) systems, as well as advanced combat systems across air, land, and sea domains.

Zacks, Investment, L3Harris