Bryn Mawr Trust Advisors LLC Acquires New Position in L3Harris Technologies Inc $LHX

Bryn Mawr Trust Advisors LLC acquired a new stake in L3Harris Technologies Inc (NYSE:LHX) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 20,330 shares of the company’s stock, valued at approximately $4,814,000.

Several other large investors have also made changes to their positions in LHX. BlackRock Inc. acquired a new stake in shares of L3Harris Technologies in the second quarter worth $5,525,806,000. State Street Corp lifted its position in L3Harris Technologies by 2.9% during the second quarter. State Street Corp now owns 9,097,353 shares of the company’s stock valued at $2,643,600,000 after purchasing an additional 252,662 shares during the period. Wellington Management Group LLP lifted its position in L3Harris Technologies by 7.1% during 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 purchasing an additional 313,431 shares during the period. Bank of New York Mellon Corp acquired a new position in L3Harris Technologies during the second quarter valued at $752,983,000. Finally, Bank of America Corp DE boosted its holdings in L3Harris Technologies by 22.3% in the first quarter. Bank of America Corp DE now owns 1,917,732 shares of the company’s stock valued at $661,905,000 after purchasing an additional 350,313 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

NYSE:LHX opened at $260.24 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05. The firm has a market cap of $48.46 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.59 and a beta of 0.47. The company has a 50 day moving average price of $250.16 and a 200-day moving average price of $303.18. L3Harris Technologies Inc has a 1-year low of $232.34 and a 1-year high of $379.23.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.33. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The firm had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.92 billion. During the same period in the previous year, the business posted $2.70 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that L3Harris Technologies Inc will post 12.10 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company 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 $1.25 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. L3Harris Technologies’s payout ratio is presently 46.64%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on LHX shares. TD Cowen cut their price target on L3Harris Technologies from $370.00 to $280.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. Jefferies Financial Group cut L3Harris Technologies from a “buy” rating to a “hold” rating and set a $315.00 price objective for the company. in a report on Wednesday, August 26th. Sanford C. Bernstein lowered their target price on L3Harris Technologies from $346.00 to $318.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 14th. Finally, The Goldman Sachs Group dropped their target price on L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.