Herbst Group LLC boosted its holdings in L3Harris Technologies, Inc. (NYSE:LHX – Free Report) by 10.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,225 shares of the company’s stock after purchasing an additional 800 shares during the period. Herbst Group LLC’s holdings in L3Harris Technologies were worth $1,610,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. grew its position in L3Harris Technologies by 3.2% in the first quarter. BlackRock Inc. now owns 15,499,913 shares of the company’s stock valued at $3,041,703,000 after purchasing an additional 480,610 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in L3Harris Technologies by 6.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,364,874 shares of the company’s stock valued at $2,158,070,000 after acquiring an additional 606,598 shares during the last quarter. State Street Corp lifted its stake in L3Harris Technologies by 4.1% in the first quarter. State Street Corp now owns 8,691,190 shares of the company’s stock valued at $1,705,558,000 after acquiring an additional 339,806 shares during the last quarter. Wells Fargo & Company MN lifted its stake in L3Harris Technologies by 0.5% in the fourth quarter. Wells Fargo & Company MN now owns 5,043,774 shares of the company’s stock valued at $1,050,164,000 after acquiring an additional 24,661 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in L3Harris Technologies by 1.0% in the first quarter. Geode Capital Management LLC now owns 3,556,352 shares of the company’s stock valued at $696,145,000 after acquiring an additional 34,726 shares during the last quarter. Institutional investors own 81.33% of the company’s stock.
Analyst Upgrades and Downgrades
LHX has been the subject of a number of recent analyst reports. Bank of America cut their price target on shares of L3Harris Technologies from $230.00 to $210.00 and set a “neutral” rating for the company in a research note on Wednesday, August 2nd. Jefferies Financial Group cut their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, July 31st. Citigroup began coverage on shares of L3Harris Technologies in a research note on Monday, September 11th. They set a “buy” rating and a $193.00 target price for the company. StockNews.com began coverage on shares of L3Harris Technologies in a research note on Thursday, August 17th. They set a “buy” rating for the company. Finally, Wells Fargo & Company upgraded shares of L3Harris Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $204.00 to $209.00 in a research note on Monday. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $229.36.
L3Harris Technologies Price Performance
LHX stock traded up $0.02 during mid-day trading on Tuesday, hitting $175.15. The stock had a trading volume of 97,026 shares, compared to its average volume of 1,131,630. 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, Inc. has a 52 week low of $167.14 and a 52 week high of $255.10. The firm has a market capitalization of $33.13 billion, a P/E ratio of 41.70, a P/E/G ratio of 4.69 and a beta of 0.72. The firm has a fifty day simple moving average of $184.77 and a 200 day simple moving average of $190.61.
L3Harris Technologies (NYSE:LHX – Get Free Report) last released its earnings results on Wednesday, July 26th. The company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.94 by $0.03. L3Harris Technologies had a net margin of 4.46% and a return on equity of 12.82%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same period last year, the firm earned $3.23 EPS. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. As a group, research analysts forecast that L3Harris Technologies, Inc. will post 12.32 EPS for the current year.
L3Harris Technologies Announces Dividend
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 issued a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, September 1st. L3Harris Technologies’s dividend payout ratio (DPR) is presently 108.57%.
Insider Activity at L3Harris Technologies
In related news, President Edward J. Zoiss sold 30,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $90.84, for a total transaction of $2,725,200.00. Following the sale, the president now directly owns 31,923 shares of the company’s stock, valued at approximately $2,899,885.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is currently owned by insiders.
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.
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