Nuveen LLC Makes New $299.16 Million Investment in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Nuveen LLC acquired 1,429,253 shares of L3Harris Technologies Inc, valued at approximately $299 million, constituting about 0.76% of the company's stock.
• CEO Christopher E. Kubasik sold 72,000 shares, representing a 33.09% decrease in ownership, while insiders have collectively sold 107,061 shares worth over $28 million in the last quarter.
• The company recently announced a quarterly dividend of $1.20 per share, with a current dividend yield of 1.8% and a payout ratio of 53.63%.

Nuveen LLC bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,429,253 shares of the company's stock, valued at approximately $299,157,000. Nuveen LLC owned about 0.76% of L3Harris Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Harvest Investment Advisors LLC boosted its holdings in shares of L3Harris Technologies by 1.7% in the 1st quarter. Harvest Investment Advisors LLC now owns 7,677 shares of the company's stock valued at $1,607,000 after purchasing an additional 127 shares during the last quarter. Covington Investment Advisors Inc. boosted its holdings in shares of L3Harris Technologies by 2.8% in the 1st quarter. Covington Investment Advisors Inc. now owns 29,154 shares of the company's stock valued at $6,102,000 after purchasing an additional 785 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of L3Harris Technologies by 5.0% in the 1st quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock valued at $491,323,000 after purchasing an additional 112,271 shares during the last quarter. Fiduciary Family Office LLC acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at $858,000. Finally, Benjamin Edwards Inc. boosted its holdings in shares of L3Harris Technologies by 14.2% in the 1st quarter. Benjamin Edwards Inc. now owns 15,431 shares of the company's stock valued at $3,230,000 after purchasing an additional 1,917 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total value of $19,522,080.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 147,199 shares of company stock valued at $39,045,071 over the last ninety days. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Up 0.2%

L3Harris Technologies stock traded up $0.43 during midday trading on Friday, hitting $271.48. 335,421 shares of the stock were exchanged, compared to its average volume of 1,437,438. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The firm has a market cap of $50.79 billion, a P/E ratio of 30.33, a P/E/G ratio of 1.98 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The company has a 50 day moving average price of $260.46 and a two-hundred day moving average price of $231.17.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.30. The company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.24 EPS. On average, sell-side analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is 53.63%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LHX. Royal Bank Of Canada lifted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Truist Financial raised their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird raised their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. UBS Group raised their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Finally, Wall Street Zen downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

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.