L3Harris Technologies Inc $LHX Stock Position Cut by Fifth Third Bancorp

Fifth Third Bancorp decreased its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 5.5% in the 3rd quarter, Holdings Channel reports. The fund owned 80,425 shares of the company’s stock after selling 4,646 shares during the period. Fifth Third Bancorp’s holdings in L3Harris Technologies were worth $19,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Miller Global Investments LLC lifted its stake in shares of L3Harris Technologies by 34.0% in the 2nd quarter. Miller Global Investments LLC now owns 138 shares of the company’s stock valued at $40,000 after acquiring an additional 35 shares during the last quarter. AlTi Global Inc. grew its position in L3Harris Technologies by 4.3% during the 1st quarter. AlTi Global Inc. now owns 923 shares of the company’s stock worth $319,000 after acquiring an additional 38 shares during the last quarter. Twin Lakes Capital Management LLC grew its position in L3Harris Technologies by 0.3% during the 2nd quarter. Twin Lakes Capital Management LLC now owns 14,195 shares of the company’s stock worth $4,125,000 after acquiring an additional 38 shares during the last quarter. Center for Financial Planning Inc. increased its holdings in L3Harris Technologies by 18.8% in the 3rd quarter. Center for Financial Planning Inc. now owns 246 shares of the company’s stock worth $58,000 after purchasing an additional 39 shares in the last quarter. Finally, Signature Equity Partners LLC increased its holdings in L3Harris Technologies by 2.3% in the 1st quarter. Signature Equity Partners LLC now owns 1,863 shares of the company’s stock worth $643,000 after purchasing an additional 41 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LHX. Citigroup initiated coverage on shares of L3Harris Technologies in a report on Monday, November 9th. They issued a “buy” rating and a $348.00 price objective for the company. TD Cowen decreased their price target on shares of L3Harris Technologies from $370.00 to $280.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Jefferies Financial Group downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price target for the company. in a research note on Wednesday, August 26th. Weiss Ratings lowered shares of L3Harris Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, September 10th. Finally, The Goldman Sachs Group reduced their price objective on shares of L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $340.93.

L3Harris Technologies Trading Up 0.2%

LHX opened at $272.42 on Friday. The company has a fifty day moving average price of $251.22 and a two-hundred day moving average price of $301.15. L3Harris Technologies Inc has a 1-year low of $232.34 and a 1-year high of $379.23. The company has a market cap of $50.72 billion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 1.66 and a beta of 0.47. The company has a current ratio of 1.20, a quick ratio of 1.05 and a debt-to-equity ratio of 0.45.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.95 by $0.33. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.92 billion. During the same quarter in the prior year, the company earned $2.70 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Analysts predict that L3Harris Technologies Inc will post 12.10 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $1.25 per share. The ex-dividend date is Friday, December 4th. This represents a $5.00 annualized dividend and a yield of 1.8%. L3Harris Technologies’s dividend payout ratio is presently 46.64%.

L3Harris Technologies Profile

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.