Otter Creek Advisors LLC Increases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Otter Creek Advisors LLC lifted its position in L3Harris Technologies, Inc. (NYSE:LHX) by 1,140.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,366 shares of the company’s stock after acquiring an additional 21,482 shares during the quarter. L3Harris Technologies accounts for approximately 3.4% of Otter Creek Advisors LLC’s investment portfolio, making the stock its 13th largest holding. Otter Creek Advisors LLC’s holdings in L3Harris Technologies were worth $4,913,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its position in L3Harris Technologies by 38.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,622 shares of the company’s stock valued at $2,966,000 after acquiring an additional 3,521 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in L3Harris Technologies by 6.9% in the third quarter. State of Alaska Department of Revenue now owns 22,038 shares of the company’s stock worth $5,242,000 after purchasing an additional 1,415 shares in the last quarter. Pallas Capital Advisors LLC raised its holdings in L3Harris Technologies by 8.1% in the third quarter. Pallas Capital Advisors LLC now owns 1,043 shares of the company’s stock worth $255,000 after purchasing an additional 78 shares in the last quarter. Valmark Advisers Inc. lifted its position in shares of L3Harris Technologies by 20.4% during the third quarter. Valmark Advisers Inc. now owns 5,729 shares of the company’s stock valued at $1,363,000 after buying an additional 969 shares during the last quarter. Finally, Nicholas Hoffman & Company LLC. raised its stake in shares of L3Harris Technologies by 3.3% during the 3rd quarter. Nicholas Hoffman & Company LLC. now owns 1,353 shares of the company’s stock worth $322,000 after acquiring an additional 43 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. UBS Group increased their price objective on L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Sanford C. Bernstein upgraded shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $289.00 to $267.00 in a research note on Wednesday, January 8th. Wells Fargo & Company dropped their target price on shares of L3Harris Technologies from $300.00 to $269.00 and set an “overweight” rating on the stock in a research report on Wednesday. Barclays decreased their price target on shares of L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Finally, Morgan Stanley lowered their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $261.47.

L3Harris Technologies Stock Performance

LHX opened at $202.28 on Thursday. The firm has a fifty day moving average price of $209.31 and a 200 day moving average price of $228.53. L3Harris Technologies, Inc. has a 1 year low of $193.09 and a 1 year high of $265.74. The stock has a market cap of $38.09 billion, a P/E ratio of 25.70, a P/E/G ratio of 2.42 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Equities research analysts anticipate that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 1,373 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $210.06, for a total value of $288,412.38. Following the completion of the sale, the insider now owns 5,049 shares of the company’s stock, valued at approximately $1,060,592.94. The trade was a 21.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 4,901 shares of company stock valued at $1,059,757. 0.87% of the stock is owned by company insiders.

L3Harris Technologies 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.