M&T Bank Corp Boosts Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

M&T Bank Corp raised its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 4.6% during the third quarter, Holdings Channel.com reports. The firm owned 13,271 shares of the company’s stock after purchasing an additional 585 shares during the quarter. M&T Bank Corp’s holdings in L3Harris Technologies were worth $3,157,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Meeder Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the period. Archer Investment Corp raised its position in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares in the last quarter. Kennebec Savings Bank acquired a new stake in L3Harris Technologies in the third quarter valued at $36,000. Family Firm Inc. purchased a new stake in shares of L3Harris Technologies during the 2nd quarter worth $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies during the 2nd quarter worth $57,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on LHX shares. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Wells Fargo & Company reduced their price target on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a research report on Wednesday. Truist Financial upped their price target on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Royal Bank of Canada boosted their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $269.13.

L3Harris Technologies Trading Down 0.5 %

Shares of L3Harris Technologies stock opened at $223.16 on Friday. The firm has a market cap of $42.33 billion, a PE ratio of 35.25, a P/E/G ratio of 1.91 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. L3Harris Technologies, Inc. has a fifty-two week low of $200.18 and a fifty-two week high of $265.74. The business’s fifty day moving average is $245.13 and its two-hundred day moving average is $234.75.

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

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were given a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 73.30%.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies 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 transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. The trade was a 18.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.82% of the stock is owned by insiders.

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.