IAM Advisory LLC Purchases New Position in L3Harris Technologies, Inc. (NYSE:LHX)

IAM Advisory LLC acquired a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the 1st quarter, Holdings Channel reports. The fund acquired 7,975 shares of the company’s stock, valued at approximately $1,700,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Transcendent Capital Group LLC purchased a new position in L3Harris Technologies during the fourth quarter worth $28,000. KB Financial Partners LLC grew its stake in shares of L3Harris Technologies by 96.5% during the third quarter. KB Financial Partners LLC now owns 167 shares of the company’s stock valued at $29,000 after buying an additional 82 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of 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 buying an additional 109 shares during the period. Washington Trust Advisors Inc. lifted its stake in shares of L3Harris Technologies by 80.6% during the 4th quarter. Washington Trust Advisors Inc. now owns 177 shares of the company’s stock worth $37,000 after acquiring an additional 79 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new stake in L3Harris Technologies in the fourth quarter worth $46,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Sean J. Stackley sold 3,354 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the sale, the vice president now owns 14,186 shares of the company’s stock, valued at $3,074,531.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of L3Harris Technologies stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the sale, the vice president now directly owns 14,186 shares of the company’s stock, valued at approximately $3,074,531.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 26,190 shares of L3Harris Technologies stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the transaction, the chief executive officer now owns 120,326 shares in the company, valued at $27,157,578.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,898 shares of company stock valued at $18,558,167. 0.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

LHX has been the subject of a number of recent analyst reports. Royal Bank of Canada boosted their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research note on Monday, April 29th. JPMorgan Chase & Co. increased their price objective on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Wells Fargo & Company boosted their price target on L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Alembic Global Advisors upgraded shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective for the company in a research note on Monday, April 22nd. Finally, Barclays raised their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $231.80.

L3Harris Technologies Stock Performance

NYSE LHX traded down $1.03 on Wednesday, hitting $223.48. 447,288 shares of the company’s stock traded hands, compared to its average volume of 999,481. The firm has a market capitalization of $42.39 billion, a PE ratio of 36.32, a P/E/G ratio of 1.88 and a beta of 0.71. L3Harris Technologies, Inc. has a 1-year low of $160.25 and a 1-year high of $228.13. The firm’s 50-day moving average price is $218.45 and its two-hundred day moving average price is $212.40. The company has a current ratio of 0.98, a quick ratio of 0.80 and a debt-to-equity ratio of 0.59.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The company had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.11 billion. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $2.86 EPS. As a group, analysts expect that L3Harris Technologies, Inc. will post 12.93 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th were given a $1.16 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.08%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 75.32%.

About L3Harris Technologies

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.