Lake Street Advisors Group LLC Acquires New Position in L3Harris Technologies, Inc. (NYSE:LHX)

Lake Street Advisors Group LLC acquired a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,102 shares of the company’s stock, valued at approximately $235,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bfsg LLC purchased a new position in L3Harris Technologies during the 1st quarter valued at about $25,000. Transcendent Capital Group LLC purchased a new position in L3Harris Technologies during the 4th quarter valued at about $28,000. Blue Trust Inc. increased its position in L3Harris Technologies by 178.7% during the 4th quarter. Blue Trust Inc. now owns 170 shares of the company’s stock valued at $36,000 after purchasing an additional 109 shares during the period. Washington Trust Advisors Inc. increased its position in L3Harris Technologies by 80.6% during the 4th quarter. Washington Trust Advisors Inc. now owns 177 shares of the company’s stock valued at $37,000 after purchasing an additional 79 shares during the period. Finally, Sachetta LLC purchased a new position in L3Harris Technologies during the 4th quarter valued at about $49,000. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

NYSE:LHX traded up $7.09 during trading hours on Thursday, hitting $244.24. 607,619 shares of the company were exchanged, compared to its average volume of 979,133. The stock has a market capitalization of $46.33 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.00 and a beta of 0.72. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $244.83. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.98 and a quick ratio of 0.80. The company’s 50 day moving average price is $225.67 and its 200-day moving average price is $215.61.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, April 25th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.11 billion. During the same period in the previous year, the business posted $2.86 EPS. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, research analysts forecast that L3Harris Technologies, Inc. will post 12.99 earnings per share for the current 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 paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Friday, September 6th. L3Harris Technologies’s payout ratio is 75.32%.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of L3Harris Technologies stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $218.00, for a total transaction of $731,172.00. Following the completion of the sale, the vice president now directly owns 17,540 shares in the company, valued at approximately $3,823,720. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of L3Harris Technologies stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $218.00, for a total transaction of $731,172.00. Following the completion of the sale, the vice president now directly owns 17,540 shares in the company, valued at approximately $3,823,720. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 25,000 shares of L3Harris Technologies stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $222.45, for a total transaction of $5,561,250.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $26,766,518.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,312 shares of company stock worth $24,712,822. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Barclays lifted their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 30th. Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $245.00 to $250.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective on the stock in a research report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.80.

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.