Intech Investment Management LLC Raises Position in L3Harris Technologies, Inc. (NYSE:LHX)

Intech Investment Management LLC lifted its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 19.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 16,491 shares of the company’s stock after acquiring an additional 2,657 shares during the period. Intech Investment Management LLC’s holdings in L3Harris Technologies were worth $3,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Meeder Asset Management Inc. increased its position in L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after buying an additional 86 shares in the last quarter. Archer Investment Corp increased its holdings in L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares in the last quarter. Kennebec Savings Bank bought a new stake in L3Harris Technologies during the 3rd quarter worth approximately $36,000. EntryPoint Capital LLC lifted its holdings in L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after purchasing an additional 69 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after purchasing an additional 80 shares during the period. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares in the company, valued at $3,261,095.04. This trade represents a 18.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 8,964 shares of company stock valued at $2,179,119 in the last ninety days. 0.82% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays lifted their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Royal Bank of Canada lifted their target price on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, October 10th. Finally, Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $275.00 to $257.00 in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Stock Up 0.6 %

Shares of NYSE LHX opened at $248.16 on Friday. The stock has a market capitalization of $47.07 billion, a price-to-earnings ratio of 39.20, a P/E/G ratio of 2.06 and a beta of 0.72. L3Harris Technologies, Inc. has a 12-month low of $187.37 and a 12-month high of $265.74. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $244.86 and its 200-day moving average price is $233.27.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion during 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 company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the company earned $3.19 EPS. On average, equities research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.87%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

About L3Harris Technologies

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.