Magnetar Financial LLC Purchases New Shares in L3Harris Technologies, Inc. (NYSE:LHX)

Magnetar Financial LLC purchased a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 5,316 shares of the company’s stock, valued at approximately $1,133,000.

Other hedge funds also recently made changes to their positions in the company. Bfsg LLC bought a new stake in shares of L3Harris Technologies during the first quarter valued at approximately $25,000. Transcendent Capital Group LLC bought a new stake in L3Harris Technologies in the fourth quarter worth $28,000. EntryPoint Capital LLC boosted its holdings in L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after acquiring an additional 69 shares in the last quarter. Blue Trust Inc. boosted its holdings in L3Harris Technologies by 178.7% in the fourth quarter. Blue Trust Inc. now owns 170 shares of the company’s stock worth $36,000 after acquiring an additional 109 shares in the last quarter. Finally, Washington Trust Advisors Inc. boosted its holdings in L3Harris Technologies by 80.6% in the fourth quarter. Washington Trust Advisors Inc. now owns 177 shares of the company’s stock worth $37,000 after acquiring an additional 79 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

Insider Transactions at L3Harris Technologies

In other news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $218.00, for a total value of $731,172.00. Following the completion of the transaction, the vice president now owns 17,540 shares of the company’s stock, valued at $3,823,720. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Christopher E. Kubasik sold 26,190 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the transaction, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $218.00, for a total value of $731,172.00. Following the transaction, the vice president now directly owns 17,540 shares of the company’s stock, valued at $3,823,720. The disclosure for this sale can be found here. Insiders sold a total of 109,312 shares of company stock valued at $24,712,822 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

LHX has been the topic of several analyst reports. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price on the stock in a report on Monday, April 22nd. Royal Bank of Canada upped their price target on L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a report on Monday, April 29th. Barclays upped their price target on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. Wells Fargo & Company upped their price target on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. upped their price target on L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average target price of $232.93.

L3Harris Technologies Stock Performance

LHX traded down $13.86 during midday trading on Friday, reaching $229.41. The company had a trading volume of 2,302,156 shares, compared to its average volume of 866,132. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average of $226.21 and a two-hundred day moving average of $216.05. The company has a market cap of $43.51 billion, a P/E ratio of 37.24, a P/E/G ratio of 1.91 and a beta of 0.72. L3Harris Technologies, Inc. has a 1 year low of $160.25 and a 1 year high of $245.60.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a return on equity of 13.05% and a net margin of 5.73%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 earnings per share. As a group, equities research analysts predict that L3Harris Technologies, Inc. will post 12.99 earnings per share 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. Stockholders of record on Friday, September 6th will be paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, September 6th. L3Harris Technologies’s dividend payout ratio (DPR) is 75.32%.

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.