Allspring Global Investments Holdings LLC Boosts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Allspring Global Investments Holdings LLC lifted its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 1.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,039,832 shares of the company’s stock after purchasing an additional 27,763 shares during the quarter. L3Harris Technologies accounts for approximately 0.8% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 15th largest position. Allspring Global Investments Holdings LLC owned 1.08% of L3Harris Technologies worth $485,215,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. grew its holdings in shares of L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares in the last quarter. EntryPoint Capital LLC grew its holdings in shares of L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after purchasing an additional 69 shares in the last quarter. Versant Capital Management Inc lifted its position in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after buying an additional 80 shares during the last quarter. Family Firm Inc. bought a new stake in L3Harris Technologies in the second quarter worth $45,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in L3Harris Technologies in the second quarter worth $57,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the transaction, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

L3Harris Technologies Stock Up 0.2 %

NYSE:LHX traded up $0.50 during mid-day trading on Friday, reaching $248.78. The company’s stock had a trading volume of 481,946 shares, compared to its average volume of 913,666. L3Harris Technologies, Inc. has a 1 year low of $169.55 and a 1 year high of $249.16. The stock has a fifty day moving average of $235.12 and a 200-day moving average of $225.96. The firm has a market capitalization of $47.19 billion, a PE ratio of 40.39, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. Equities research analysts forecast that L3Harris Technologies, Inc. will post 13.06 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 6th. Shareholders of record on Monday, November 18th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 1.87%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Royal Bank of Canada downgraded L3Harris Technologies from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $250.00 to $240.00 in a research report on Wednesday, August 14th. Truist Financial raised their price target on L3Harris Technologies from $250.00 to $293.00 and gave the stock a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft lowered their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research report on Thursday, October 10th. Finally, Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.71.

L3Harris Technologies Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.