Allstate Corp Takes Position in L3Harris Technologies Inc $LHX

Allstate Corp bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,766 shares of the company’s stock, valued at approximately $2,066,000.

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in L3Harris Technologies by 52.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock valued at $1,032,716,000 after purchasing an additional 1,413,833 shares during the last quarter. AGF Management Ltd. bought a new position in shares of L3Harris Technologies in the 2nd quarter worth $324,940,000. Boston Partners boosted its holdings in shares of L3Harris Technologies by 72.1% in the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after buying an additional 838,546 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after purchasing an additional 766,075 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of L3Harris Technologies by 155.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock valued at $155,107,000 after purchasing an additional 376,499 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 14,171 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the completion of the sale, the chief executive officer directly owned 144,426 shares in the company, valued at approximately $43,479,447.30. The trade was a 8.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Vertical Research restated a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Royal Bank Of Canada upped their target price on L3Harris Technologies from $315.00 to $360.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Wall Street Zen downgraded L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 11th. UBS Group boosted their price target on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Finally, BNP Paribas upgraded shares of L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $315.73.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $341.82 on Wednesday. The company has a 50-day simple moving average of $297.47 and a 200-day simple moving average of $286.47. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $361.59. The company has a market cap of $63.94 billion, a PE ratio of 36.72, a price-to-earnings-growth ratio of 2.15 and a beta of 0.66. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.95.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, October 30th. The company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.60 by $0.10. L3Harris Technologies had a return on equity of 11.08% and a net margin of 8.09%.The business had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the firm posted $3.34 EPS. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. On average, equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.