Gradient Investments LLC Raises Position in L3Harris Technologies, Inc. (NYSE:LHX)

Gradient Investments LLC increased its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 21.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,843 shares of the company’s stock after buying an additional 15,320 shares during the quarter. Gradient Investments LLC’s holdings in L3Harris Technologies were worth $17,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management acquired a new stake in L3Harris Technologies in the 1st quarter worth approximately $25,000. Cowa LLC purchased a new position in shares of L3Harris Technologies in the first quarter worth $26,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of L3Harris Technologies during the first quarter worth $27,000. Eagle Bay Advisors LLC purchased a new stake in shares of L3Harris Technologies during the second quarter valued at $30,000. Finally, CVA Family Office LLC increased its position in shares of L3Harris Technologies by 58.0% in the 2nd quarter. CVA Family Office LLC now owns 158 shares of the company’s stock valued at $31,000 after acquiring an additional 58 shares during the period. 81.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, President Edward J. Zoiss sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $90.84, for a total transaction of $2,725,200.00. Following the completion of the sale, the president now directly owns 31,923 shares in the company, valued at approximately $2,899,885.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LHX shares. Citigroup initiated coverage on L3Harris Technologies in a research report on Monday, September 11th. They set a “buy” rating and a $193.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of L3Harris Technologies from $202.00 to $204.00 and gave the company an “equal weight” rating in a research note on Friday, July 28th. Jefferies Financial Group cut their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, July 31st. Royal Bank of Canada restated an “outperform” rating and set a $240.00 target price on shares of L3Harris Technologies in a research report on Friday, August 18th. Finally, StockNews.com started coverage on L3Harris Technologies in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $229.00.

L3Harris Technologies Stock Up 0.7 %

Shares of LHX opened at $172.72 on Friday. The firm has a market cap of $32.67 billion, a P/E ratio of 41.12, a PEG ratio of 4.59 and a beta of 0.72. L3Harris Technologies, Inc. has a 12 month low of $167.14 and a 12 month high of $255.10. The stock’s 50 day moving average is $184.77 and its two-hundred day moving average is $190.74. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Wednesday, July 26th. The company reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.94 by $0.03. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.37 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 4.46%. The business’s revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.23 EPS. Analysts predict that L3Harris Technologies, Inc. will post 12.33 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Tuesday, September 5th will be given a dividend of $1.14 per share. The ex-dividend date is Friday, September 1st. This represents a $4.56 annualized dividend and a dividend yield of 2.64%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 108.57%.

About L3Harris Technologies

L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.