Douglas Lane & Associates LLC Buys New Position in L3Harris Technologies, Inc. (NYSE:LHX)

Douglas Lane & Associates LLC bought a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 899 shares of the company’s stock, valued at approximately $202,000.

Several other hedge funds also recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new position in L3Harris Technologies in the fourth quarter worth $1,219,000. Blue Trust Inc. boosted its position 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 purchasing an additional 109 shares during the last quarter. Global Retirement Partners LLC boosted its position in L3Harris Technologies by 45.2% in the fourth quarter. Global Retirement Partners LLC now owns 572 shares of the company’s stock worth $117,000 after purchasing an additional 178 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in L3Harris Technologies by 0.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 77,860 shares of the company’s stock worth $16,422,000 after purchasing an additional 314 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in L3Harris Technologies in the fourth quarter worth $26,855,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the topic of several research analyst reports. Alembic Global Advisors raised 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. Barclays boosted their target price on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. boosted their target price on L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Susquehanna boosted their target price on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $250.00 target price on shares of L3Harris Technologies in a research note on Monday, July 29th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $238.50.

Insiders Place Their Bets

In other news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $216.73, for a total value of $726,912.42. Following the completion of the transaction, the vice president now directly owns 14,186 shares in the company, valued at approximately $3,074,531.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $11,189,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $216.73, for a total value of $726,912.42. Following the sale, the vice president now owns 14,186 shares of the company’s stock, valued at $3,074,531.78. The disclosure for this sale can be found here. Insiders have sold 109,312 shares of company stock worth $24,712,822 in the last ninety days. 0.82% of the stock is currently owned by insiders.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded down $1.14 during midday trading on Tuesday, reaching $225.96. 707,876 shares of the company traded hands, compared to its average volume of 1,005,128. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. L3Harris Technologies, Inc. has a 12 month low of $160.25 and a 12 month high of $245.60. The firm has a market capitalization of $42.86 billion, a price-to-earnings ratio of 36.68, a price-to-earnings-growth ratio of 1.90 and a beta of 0.72. The firm’s fifty day moving average price is $226.65 and its two-hundred day moving average price is $217.07.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 EPS. On average, equities analysts expect that L3Harris Technologies, Inc. will post 13.04 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a $1.16 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 dividend on an annualized basis and a yield of 2.05%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

L3Harris Technologies Company 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.