Wedgewood Investors Inc. PA Acquires Shares of 5,116 L3Harris Technologies, Inc. (NYSE:LHX)

Wedgewood Investors Inc. PA bought a new position in L3Harris Technologies, Inc. (NYSE:LHX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,116 shares of the company’s stock, valued at approximately $1,149,000. L3Harris Technologies comprises 1.4% of Wedgewood Investors Inc. PA’s holdings, making the stock its 19th biggest position.

Several other hedge funds have also recently made changes to their positions in the company. Optas LLC increased its holdings in L3Harris Technologies by 3.3% in the 2nd quarter. Optas LLC now owns 1,381 shares of the company’s stock worth $310,000 after acquiring an additional 44 shares during the last quarter. Moody Lynn & Lieberson LLC bought a new position in L3Harris Technologies during the second quarter worth about $1,597,000. Schwartz Investment Counsel Inc. increased its stake in shares of L3Harris Technologies by 128.4% in the second quarter. Schwartz Investment Counsel Inc. now owns 116,475 shares of the company’s stock worth $26,158,000 after purchasing an additional 65,475 shares in the last quarter. LRI Investments LLC raised its position in shares of L3Harris Technologies by 21.8% in the second quarter. LRI Investments LLC now owns 926 shares of the company’s stock valued at $208,000 after purchasing an additional 166 shares during the period. Finally, Family Firm Inc. purchased a new stake in shares of L3Harris Technologies during the 2nd quarter valued at approximately $45,000. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded down $0.53 on Friday, hitting $230.68. 662,526 shares of the company traded hands, compared to its average volume of 974,644. L3Harris Technologies, Inc. has a 12-month low of $160.25 and a 12-month high of $245.60. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. The company has a market cap of $43.76 billion, a P/E ratio of 37.45, a P/E/G ratio of 1.90 and a beta of 0.72. The firm’s 50-day simple moving average is $228.75 and its 200 day simple moving average is $219.15.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, beating analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter last year, the business posted $2.97 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts expect that L3Harris Technologies, Inc. will post 13.04 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared 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 is Friday, September 6th. This represents a $4.64 dividend on an annualized basis and a yield of 2.01%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 75.32%.

Insider Buying and Selling at L3Harris Technologies

In other news, VP Sean J. Stackley sold 3,354 shares of the firm’s 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 owns 17,540 shares in the company, valued at $3,823,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Christopher E. Kubasik sold 25,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $222.45, for a total transaction of $5,561,250.00. Following the transaction, the chief executive officer now owns 120,326 shares in the company, valued at approximately $26,766,518.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sean J. Stackley sold 3,354 shares of the company’s 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 approximately $3,823,720. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 84,312 shares of company stock worth $19,085,072. 0.82% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Susquehanna lifted their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Wells Fargo & Company reduced their target price on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft cut L3Harris Technologies from a “buy” rating to a “hold” rating and upped their price target for the company from $245.00 to $257.00 in a research report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.43.

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.