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Does L3Harris Technologies (LHX) Have a Compelling Valuation?

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio underperformed the Russell Midcap Index, mainly because of industrials holdings, which underperformed relative to benchmark peers. On the other hand, technology holdings provided a comparatively strong performance during a quarter where the sector as a whole saw negative returns. The fund's below-benchmark exposure to healthcare also contributed to the relative performance in Q3. The fund returned -6.02% (net) in Q3 compared to -4.68% returns for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Mid Cap Strategy highlighted stocks like L3Harris Technologies, Inc. (NYSE:LHX) in the Q3 2023 investor letter. Headquartered in Melbourne, Florida, L3Harris Technologies, Inc. (NYSE:LHX) is an aerospace and defense technology company. On December 5, 2023, L3Harris Technologies, Inc. (NYSE:LHX) stock closed at $198.01 per share. One-month return of L3Harris Technologies, Inc. (NYSE:LHX) was 9.10%, and its shares lost 9.13% of their value over the last 52 weeks. L3Harris Technologies, Inc. (NYSE:LHX) has a market capitalization of $37.531 billion.

Diamond Hill Mid Cap Strategy made the following comment about L3Harris Technologies, Inc. (NYSE:LHX) in its Q3 2023 investor letter:

"L3Harris Technologies, Inc. (NYSE:LHX) is a defense contractor focused primarily on communications, surveillance and electronic warfare. We anticipate the US’s defense budget will be better than expected over the next few years as the Defense Department focuses on preparing for peer-level threats — an area in which LHX’s capabilities fit nicely. We believe there is room for improvement in recent execution — particularly at recently acquired Aerojet Rocketdyne — and we think LHX’s new management team is well-qualified to improve results. We accordingly capitalized on a recent share-price decline to initiate a position at what we consider a compelling valuation."

15 Countries that Provided the Highest Military Aid to Ukraine
15 Countries that Provided the Highest Military Aid to Ukraine

A military cargo plane landing at its destination, signifying the strength of its defense arm.

L3Harris Technologies, Inc. (NYSE:LHX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held L3Harris Technologies, Inc. (NYSE:LHX) at the end of third quarter which was 35 in the previous quarter.

We discussed L3Harris Technologies, Inc. (NYSE:LHX) in another article and shared the list of best defense stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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