Kingsview Wealth Management LLC has increased its stake in L3Harris Technologies Inc by 28% during the second quarter of 2023, as detailed in its latest 13F filing with the Securities and Exchange Commission. The firm now holds a total of 4,589 shares following the acquisition of an additional 1,005 shares. As of this filing, Kingsview’s holdings in L3Harris are valued at approximately $1,151,000.
Other institutional investors have also adjusted their positions in L3Harris Technologies. For instance, Kiker Wealth Management LLC significantly increased its stake by 137%, now owning 109 shares valued at $27,000, after purchasing 63 shares in the last quarter. Additionally, Clearstead Trust LLC and Nova Wealth Management Inc. each acquired new stakes valued at around $26,000 during the first quarter. Similarly, Harbor Asset Planning Inc. made a new investment in the second quarter, worth approximately $32,000. Independence Bank of Kentucky also raised its stake by 44.4%, now owning 130 shares valued at $33,000. Currently, institutional investors and hedge funds own about 84.76% of L3Harris stock.
Analysts Update Price Targets for L3Harris Technologies
Recent evaluations by several equities research analysts have influenced L3Harris Technologies’ stock outlook. Truist Financial raised its price target from $302.00 to $353.00 while issuing a “buy” rating on October 15, 2023. Wall Street Zen upgraded the stock from a “hold” to a “buy” rating on August 22, 2023. Furthermore, Morgan Stanley increased its price objective from $250.00 to $350.00, maintaining an “equal weight” rating.
Other notable changes include JPMorgan Chase & Co. raising its target price to $340.00 with an “overweight” rating and UBS Group adjusting its target to $323.00 with a “neutral” rating. Overall, twelve investment analysts have assigned a “buy” rating to the stock, while seven have given it a “hold” rating. According to data from MarketBeat, L3Harris Technologies holds an average rating of “Moderate Buy” with a consensus price target of $295.29.
Recent Trading Performance and Financial Results
On Thursday, shares of L3Harris Technologies opened at $285.42. The company maintains a debt-to-equity ratio of 0.57, a quick ratio of 0.87, and a current ratio of 1.04. Its 50-day moving average stands at $290.96, while the 200-day moving average is $268.21. Over the past year, the stock has reached a low of $193.09 and a high of $308.12. L3Harris Technologies boasts a market capitalization of $53.39 billion and a PE ratio of 31.89.
In its most recent earnings report, issued on October 30, 2023, L3Harris Technologies reported earnings per share of $2.70, surpassing the consensus estimate of $2.60 by $0.10. The company generated revenues of $5.66 billion, exceeding analysts’ expectations of $5.51 billion. The net margin stood at 7.94%, with a return on equity of 11.82%. Year-over-year revenue growth was reported at 6.9%. For fiscal year 2025, L3Harris has set an earnings guidance of $10.500 to $10.700 per share, with analysts predicting an EPS of $11.12 for the current year.
Recently, L3Harris Technologies announced a quarterly dividend of $1.20 per share, to be paid on December 5, 2023, to investors of record as of November 17, 2023. This dividend represents an annualized rate of $4.80, yielding approximately 1.7%. The ex-dividend date is also November 17, 2023, and the company’s payout ratio is 51.56%.
In related news, Christopher E. Kubasik, the Chief Executive Officer, sold 14,171 shares on November 13, 2023, at an average price of $301.05, totaling approximately $4,266,179.55. Following this transaction, he holds 144,426 shares valued at around $43,479,447.30, marking an 8.94% decrease in his ownership.
L3Harris Technologies, Inc. specializes in providing mission-critical solutions to government and commercial clients globally. Its Integrated Mission Systems segment focuses on a range of services, including intelligence, surveillance, and reconnaissance systems, electronic warfare capabilities, and advanced combat systems across air, land, and sea sectors.
