L3Harris (NYSE:LHX) Holdings Decreased by Biltmore Wealth Management LLC

Biltmore Wealth Management LLC trimmed its position in L3Harris (NYSE:LHX) by 9.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,535 shares of the company’s stock after selling 250 shares during the quarter. L3Harris makes up approximately 0.2% of Biltmore Wealth Management LLC’s holdings, making the stock its 29th largest position. Biltmore Wealth Management LLC’s holdings in L3Harris were worth $430,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of LHX. Public Employees Retirement Association of Colorado increased its holdings in shares of L3Harris by 5.4% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 41,924 shares of the company’s stock valued at $7,551,000 after acquiring an additional 2,161 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in L3Harris by 18.6% during the 1st quarter. Thrivent Financial for Lutherans now owns 11,950 shares of the company’s stock valued at $2,151,000 after purchasing an additional 1,874 shares during the period. Morgan Stanley boosted its position in L3Harris by 6.5% during the 1st quarter. Morgan Stanley now owns 912,095 shares of the company’s stock valued at $164,286,000 after purchasing an additional 55,952 shares during the period. Barings LLC boosted its position in L3Harris by 1.3% during the 1st quarter. Barings LLC now owns 5,445 shares of the company’s stock valued at $980,000 after purchasing an additional 71 shares during the period. Finally, Invesco Ltd. boosted its position in L3Harris by 9.0% during the 1st quarter. Invesco Ltd. now owns 1,948,103 shares of the company’s stock valued at $350,890,000 after purchasing an additional 160,064 shares during the period. Institutional investors and hedge funds own 82.28% of the company’s stock.

NYSE:LHX opened at $174.37 on Friday. The firm has a market capitalization of $37.70 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 1.06 and a beta of 0.70. L3Harris has a 1-year low of $142.01 and a 1-year high of $230.99. The company has a current ratio of 1.51, a quick ratio of 1.32 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average price is $178.50 and its 200 day moving average price is $181.04.

L3Harris (NYSE:LHX) last issued its earnings results on Friday, July 31st. The company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.22. L3Harris had a return on equity of 10.92% and a net margin of 7.21%. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter in the previous year, the company posted $2.51 earnings per share. The business’s quarterly revenue was up 138.3% compared to the same quarter last year. Equities analysts forecast that L3Harris will post 11.44 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Wednesday, September 9th were paid a $0.85 dividend. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $3.40 dividend on an annualized basis and a yield of 1.95%. L3Harris’s dividend payout ratio (DPR) is currently 33.73%.

LHX has been the subject of a number of analyst reports. UBS Group upgraded L3Harris from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 30th. Cowen assumed coverage on L3Harris in a research note on Sunday, August 2nd. They issued a “buy” rating and a $240.00 price objective on the stock. Sanford C. Bernstein boosted their price objective on L3Harris from $243.00 to $258.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. They noted that the move was a valuation call. Citigroup dropped their price objective on L3Harris from $250.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Finally, Goldman Sachs Group downgraded L3Harris from a “conviction-buy” rating to a “buy” rating in a research note on Sunday, September 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $240.11.

L3Harris Company Profile

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

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Institutional Ownership by Quarter for L3Harris (NYSE:LHX)

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