PNC Financial Services Group Inc. Sells 4,025 Shares of L3Harris Technologies Inc $LHX

PNC Financial Services Group Inc. reduced its stake in L3Harris Technologies Inc (NYSE:LHX) by 4.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,296 shares of the company’s stock after selling 4,025 shares during the period. PNC Financial Services Group Inc.’s holdings in L3Harris Technologies were worth $23,151,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cyndeo Wealth Partners LLC grew its position in L3Harris Technologies by 2.7% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 1,396 shares of the company’s stock valued at $350,000 after purchasing an additional 37 shares during the last quarter. Fidelis Capital Partners LLC lifted its stake in shares of L3Harris Technologies by 2.2% in the second quarter. Fidelis Capital Partners LLC now owns 1,781 shares of the company’s stock worth $493,000 after buying an additional 39 shares in the last quarter. Independence Bank of Kentucky lifted its stake in shares of L3Harris Technologies by 44.4% in the second quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock worth $33,000 after buying an additional 40 shares in the last quarter. DB Fitzpatrick & Co Inc grew its holdings in shares of L3Harris Technologies by 1.0% during the second quarter. DB Fitzpatrick & Co Inc now owns 4,450 shares of the company’s stock valued at $1,116,000 after buying an additional 42 shares during the last quarter. Finally, Riverbend Wealth Management LLC increased its position in shares of L3Harris Technologies by 4.3% during the second quarter. Riverbend Wealth Management LLC now owns 1,027 shares of the company’s stock valued at $258,000 after acquiring an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on LHX. Citigroup upped their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Barclays increased their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a report on Friday, October 31st. Truist Financial upped their target price on shares of L3Harris Technologies from $302.00 to $353.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Robert W. Baird lifted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $295.63.

L3Harris Technologies Trading Up 0.2%

L3Harris Technologies stock opened at $289.02 on Friday. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $308.12. The company has a market cap of $54.06 billion, a P/E ratio of 32.29, a P/E/G ratio of 2.09 and a beta of 0.75. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $290.17 and a two-hundred day simple moving average of $266.51.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, October 30th. The company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.10. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the business earned $3.34 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. Analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Monday, November 17th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 1.7%. L3Harris Technologies’s payout ratio is 51.56%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 14,171 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the completion of the sale, the chief executive officer owned 144,426 shares in the company, valued at $43,479,447.30. This represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

About L3Harris Technologies

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.