PNC Financial Services Group Inc. Has $24.60 Million Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

PNC Financial Services Group Inc. cut its position in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 4.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 103,402 shares of the company's stock after selling 4,977 shares during the period. PNC Financial Services Group Inc. owned approximately 0.05% of L3Harris Technologies worth $24,596,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. KCM Investment Advisors LLC lifted its holdings in shares of L3Harris Technologies by 43.8% in the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company's stock worth $4,584,000 after buying an additional 5,868 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in L3Harris Technologies by 17.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company's stock valued at $9,845,000 after purchasing an additional 6,634 shares in the last quarter. Creative Planning raised its stake in L3Harris Technologies by 1.2% during the third quarter. Creative Planning now owns 41,588 shares of the company's stock valued at $9,893,000 after purchasing an additional 512 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in L3Harris Technologies during the second quarter valued at $210,886,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of L3Harris Technologies in the third quarter valued at $35,904,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

LHX stock traded up $1.56 during midday trading on Friday, reaching $248.16. 592,215 shares of the company's stock traded hands, compared to its average volume of 908,873. The company has a 50-day simple moving average of $244.86 and a two-hundred day simple moving average of $233.15. L3Harris Technologies, Inc. has a 1-year low of $187.37 and a 1-year high of $265.74. The company has a market cap of $47.07 billion, a price-to-earnings ratio of 39.20, a PEG ratio of 2.03 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 (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $3.19 EPS. On average, analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Monday, November 18th. L3Harris Technologies's dividend payout ratio is currently 73.30%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the sale, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. This represents a 15.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 8,964 shares of company stock valued at $2,179,119 over the last 90 days. 0.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

LHX has been the topic of a number of research analyst reports. Bank of America upgraded shares of L3Harris Technologies from a "neutral" rating to a "buy" rating and upped their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. StockNews.com upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday, October 28th. Royal Bank of Canada increased their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a "sector perform" rating in a report on Monday, October 28th. Citigroup increased their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Finally, Barclays increased their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an "overweight" rating in a report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $267.50.

L3Harris Technologies Company Profile

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.