PNC Financial Services Group Inc. Reduces Stake in L3Harris Technologies, Inc. (NYSE:LHX)

PNC Financial Services Group Inc. lessened its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 4.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 103,402 shares of the company’s stock after selling 4,977 shares during the period. PNC Financial Services Group Inc. owned 0.05% of L3Harris Technologies worth $24,596,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of LHX. Price T Rowe Associates Inc. MD grew its stake in shares of L3Harris Technologies by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after buying an additional 45,845 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of L3Harris Technologies by 19.7% in the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after buying an additional 27,763 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in L3Harris Technologies by 2.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after buying an additional 31,686 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in L3Harris Technologies by 0.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,456,451 shares of the company’s stock valued at $327,090,000 after buying an additional 9,036 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LHX shares. Citigroup lifted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Thursday, October 10th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Finally, Truist Financial raised their target price on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Trading Up 0.9 %

Shares of LHX opened at $246.60 on Friday. L3Harris Technologies, Inc. has a fifty-two week low of $185.98 and a fifty-two week high of $265.74. The company has a market capitalization of $46.77 billion, a PE ratio of 38.96, a price-to-earnings-growth ratio of 2.03 and a beta of 0.72. The stock has a fifty day moving average of $244.49 and a two-hundred day moving average of $232.91. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter last year, the firm posted $3.19 earnings per share. L3Harris Technologies’s revenue was up 7.7% on a year-over-year basis. As a group, analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.88%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 8,964 shares of company stock valued at $2,179,119. Corporate insiders own 0.82% of the company’s stock.

L3Harris Technologies Company 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.