L3Harris Technologies Inc $LHX Stock Acquired by General American Investors Co. Inc.

General American Investors Co. Inc. increased its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 38.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,974 shares of the company’s stock after acquiring an additional 25,189 shares during the period. L3Harris Technologies comprises 1.2% of General American Investors Co. Inc.’s investment portfolio, making the stock its 29th biggest position. General American Investors Co. Inc.’s holdings in L3Harris Technologies were worth $21,541,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of L3Harris Technologies in the second quarter valued at approximately $5,525,806,000. Bank of New York Mellon Corp purchased a new stake in L3Harris Technologies during the 2nd quarter worth approximately $752,983,000. Deutsche Bank AG acquired a new stake in L3Harris Technologies during the 2nd quarter worth approximately $174,006,000. Man Group plc lifted its holdings in L3Harris Technologies by 5,286.7% during the 2nd quarter. Man Group plc now owns 563,720 shares of the company’s stock worth $163,811,000 after buying an additional 553,255 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in L3Harris Technologies in the 2nd quarter valued at approximately $144,100,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Guggenheim began coverage on L3Harris Technologies in a research report on Monday, September 14th. They set a “buy” rating and a $365.00 price objective on the stock. Sanford C. Bernstein decreased their target price on L3Harris Technologies from $346.00 to $318.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. UBS Group upped their price target on L3Harris Technologies from $264.00 to $293.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Finally, Jefferies Financial Group lowered L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price target on the stock. in a research report on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $345.60.

L3Harris Technologies Stock Up 0.8%

Shares of L3Harris Technologies stock traded up $2.13 during trading on Friday, hitting $260.24. 1,797,639 shares of the stock were exchanged, compared to its average volume of 1,796,398. The stock has a market cap of $48.46 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.68 and a beta of 0.47. The firm’s 50-day moving average price is $250.16 and its 200 day moving average price is $303.18. L3Harris Technologies Inc has a 12-month low of $232.34 and a 12-month high of $379.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, beating 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 firm 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 posted $2.70 earnings per share. L3Harris Technologies’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, analysts forecast that L3Harris Technologies Inc will post 12.04 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, December 4th. L3Harris Technologies’s dividend payout ratio is currently 46.64%.

L3Harris Technologies Company 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.

L3Harris was formed in 2019 through the merger of L3 Technologies and Harris Corporation.