Pallas Capital Advisors LLC Increases Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Pallas Capital Advisors LLC raised its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 8.1% in the third quarter, Holdings Channel reports. The institutional investor owned 1,043 shares of the company’s stock after buying an additional 78 shares during the quarter. Pallas Capital Advisors LLC’s holdings in L3Harris Technologies were worth $255,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in L3Harris Technologies by 12.9% during the first quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after buying an additional 2,606,267 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 worth $2,052,411,000 after purchasing an additional 45,845 shares during the last quarter. Bank of New York Mellon Corp raised its stake 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 worth $712,858,000 after purchasing an additional 523,315 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of L3Harris Technologies by 1.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after purchasing an additional 27,763 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of L3Harris Technologies by 2.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after purchasing an additional 31,686 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

LHX has been the subject of several recent analyst reports. Barclays boosted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company boosted their price target on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Royal Bank of Canada boosted their price target on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective 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. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $247.51 on Friday. The stock has a 50-day simple moving average of $238.70 and a two-hundred day simple moving average of $228.68. L3Harris Technologies, Inc. has a 52-week low of $179.00 and a 52-week high of $258.89. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The firm has a market capitalization of $46.95 billion, a PE ratio of 39.10, a P/E/G ratio of 2.10 and a beta of 0.73.

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

L3Harris Technologies Announces Dividend

The firm also recently disclosed 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. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is 73.30%.

Insider Transactions at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.82% 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.