Encompass More Asset Management Boosts Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Encompass More Asset Management lifted its position in L3Harris Technologies, Inc. (NYSE:LHX) by 26.8% during the third quarter, Holdings Channel reports. The institutional investor owned 2,148 shares of the company’s stock after buying an additional 454 shares during the quarter. Encompass More Asset Management’s holdings in L3Harris Technologies were worth $511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. L.M. Kohn & Company purchased a new position in shares of L3Harris Technologies in the 3rd quarter worth approximately $202,000. BlueCrest Capital Management Ltd purchased a new position in shares of L3Harris Technologies in the 3rd quarter worth approximately $285,000. Verition Fund Management LLC grew its position in shares of L3Harris Technologies by 3.2% in the 3rd quarter. Verition Fund Management LLC now owns 22,225 shares of the company’s stock worth $5,287,000 after buying an additional 696 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of L3Harris Technologies by 156.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 148,236 shares of the company’s stock worth $35,259,000 after buying an additional 90,370 shares during the last quarter. Finally, Vinva Investment Management Ltd grew its position in shares of L3Harris Technologies by 25.2% in the 3rd quarter. Vinva Investment Management Ltd now owns 1,553 shares of the company’s stock worth $365,000 after buying an additional 313 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Tuesday. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Citigroup lifted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company lifted their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $269.67.

L3Harris Technologies Stock Performance

LHX opened at $246.13 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The firm has a fifty day moving average price of $246.22 and a 200 day moving average price of $234.06. L3Harris Technologies, Inc. has a 1 year low of $188.95 and a 1 year high of $265.74. The stock has a market cap of $46.68 billion, a P/E ratio of 38.88, a P/E/G ratio of 2.05 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the business posted $3.19 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. Equities research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the sale, the insider now owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 8,964 shares of company stock worth $2,179,119 in the last three months. Company insiders own 0.82% of the company’s stock.

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.