Gardner Lewis Asset Management L P Boosts Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Gardner Lewis Asset Management L P grew its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 15.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,775 shares of the company’s stock after buying an additional 1,475 shares during the period. Gardner Lewis Asset Management L P’s holdings in L3Harris Technologies were worth $2,420,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. boosted its position in L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after acquiring an additional 86 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at $28,000. EntryPoint Capital LLC increased its stake in L3Harris Technologies by 70.4% in 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 during the last quarter. Versant Capital Management Inc lifted its position in L3Harris Technologies by 77.7% during the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after buying an additional 80 shares during the period. Finally, Family Firm Inc. acquired a new stake in L3Harris Technologies in the 2nd quarter worth about $45,000. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Trading Down 0.9 %

LHX opened at $229.71 on Wednesday. The firm’s 50 day moving average is $231.26 and its 200-day moving average is $221.53. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $245.60. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $43.57 billion, a P/E ratio of 37.29, a P/E/G ratio of 1.95 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 EPS. Analysts expect that L3Harris Technologies, Inc. will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a dividend of $1.16 per share. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 2.02%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Insiders Place Their Bets

In other news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the transaction, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $11,189,760. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other L3Harris Technologies news, SVP Scott T. Mikuen sold 10,527 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the transaction, the senior vice president now owns 47,616 shares of the company’s stock, valued at approximately $10,951,680. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the sale, the senior vice president now directly owns 47,616 shares in the company, valued at $11,189,760. The disclosure for this sale can be found here. Insiders have sold 29,402 shares of company stock worth $6,861,855 in the last three months. 0.82% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Royal Bank of Canada cut shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $250.00 to $240.00 in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and increased their target price for the stock from $245.00 to $257.00 in a research report on Friday, July 26th. Wells Fargo & Company lowered their price target on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Barclays upped their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $247.08.

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.