L3Harris Technologies Institutional Holdings Shift as Analysts Reaffirm Moderate Buy

Recent regulatory disclosures show notable portfolio adjustments among institutional investors holding L3Harris Technologies Inc (NYSE:LHX). King Luther Capital Management Corp reduced its stake by 49.5% during the third quarter, selling 128,833 shares to retain 131,632 shares valued at $31,168,000. During the same period, Bahl & Gaynor LLC lowered its position by 58.7%, parting with 97,683 shares and keeping 68,598 shares worth $16,243,000. In contrast, General American Investors Co. Inc. lifted its holdings by 38.3% by acquiring 25,189 shares, while Welch & Forbes LLC increased its position by 7.7% to 149,824 shares.

Despite these mixed moves, institutional interest remains high, with hedge funds and other financial institutions owning 84.76% of LHX shares. Meanwhile, over the past 12 months, company insiders sold $9.7 million worth of shares without recording any purchases, according to reporting from GuruFocus. The publication also noted that 19 investment gurus hold stakes in the defense contractor, with seven adding to their holdings and seven trimming them in recent quarters.

On Wall Street, brokerages hold a predominantly favorable view. Citigroup initiated coverage on the company on Monday with a Buy rating and set a price target of $348.00. MarketBeat data indicates that L3Harris holds an overall consensus rating of Moderate Buy, supported by two Strong Buy ratings, ten Buy ratings, and eight Hold ratings. MarketBeat reports average analyst price targets ranging between $340.93 and $345.60.

These evaluations follow solid operating results reported on Thursday, October 29th. For the quarter, L3Harris delivered earnings of $3.28 per share, topping consensus estimates of $2.95 by $0.33. Revenue climbed 7.1% year over year to $6.07 billion, exceeding the projected $5.92 billion. The company achieved a return on equity of 11.49% and a net margin of 8.76%. Additionally, management announced a quarterly dividend of $1.25 per share, scheduled for payment on Friday, December 18th to shareholders of record as of Friday, December 4th.

In the market, LHX opened at $276.28 on Thursday and has traded within a 52-week range of $232.34 to $379.23. The defense and aerospace firm carries a market capitalization of approximately $51.44 billion, alongside a quick ratio of 1.05 and a debt-to-equity ratio of 0.45.