L3Harris Technologies Inc $LHX Stock: General American Investors Co. Inc. Raises Position

General American Investors Co. Inc. grew its stake in L3Harris Technologies Inc (NYSE:LHX) by 38.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 90,974 shares of the company’s stock after buying an additional 25,189 shares during the period. L3Harris Technologies accounts for 1.2% of General American Investors Co. Inc.’s investment portfolio, making the stock its 29th largest holding. General American Investors Co. Inc.’s holdings in L3Harris Technologies were worth $21,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in L3Harris Technologies during the 2nd quarter worth $5,525,806,000. State Street Corp boosted its stake in L3Harris Technologies by 2.9% in the second quarter. State Street Corp now owns 9,097,353 shares of the company’s stock valued at $2,643,600,000 after acquiring an additional 252,662 shares in the last quarter. Wellington Management Group LLP boosted its stake in L3Harris Technologies by 7.1% in the second quarter. Wellington Management Group LLP now owns 4,707,086 shares of the company’s stock valued at $1,367,832,000 after acquiring an additional 313,431 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of L3Harris Technologies during the second quarter worth about $752,983,000. Finally, Bank of America Corp DE grew its holdings in shares of L3Harris Technologies by 1.4% during the second quarter. Bank of America Corp DE now owns 1,945,342 shares of the company’s stock worth $565,297,000 after purchasing an additional 27,610 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

L3Harris Technologies stock traded up $2.13 during midday trading on Friday, hitting $260.24. 1,797,639 shares of the company’s stock were exchanged, compared to its average volume of 1,796,398. 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 quick ratio of 1.05 and a current ratio of 1.20. 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 simple moving average is $250.16 and its 200 day simple moving average is $303.18.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, beating analysts’ consensus estimates of $2.95 by $0.33. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The business had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.92 billion. During the same period in the prior year, the company earned $2.70 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts predict that L3Harris Technologies Inc will post 12.04 EPS for the current year.

L3Harris Technologies Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have recently commented on LHX shares. Guggenheim initiated coverage on L3Harris Technologies in a research report on Monday, September 14th. They set a “buy” rating and a $365.00 target price on the stock. Melius Research cut L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. UBS Group lifted their price target on L3Harris Technologies from $264.00 to $293.00 and gave the stock a “neutral” rating in a research report on Friday, October 30th. Finally, Wall Street Zen upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $345.60.

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.