AMG National Trust Bank Boosts Stake in L3Harris Technologies Inc $LHX

Key Points

• AMG National Trust Bank raised its stake in L3Harris by 252.7% in Q4 to 21,371 shares, worth about $6.274 million.
• L3Harris beat Q4 EPS estimates with $2.86 per share (revenue $5.65B slightly below expectations), trades with a market cap near $59.9B and the company declared a quarterly dividend of $1.25 (annualized $5.00, yield 1.6%, ex-dividend June 5).
• Insiders sold 19,025 shares valued at roughly $6.82M in the last 90 days, institutional investors own about 84.76% of the stock, and analysts' consensus is a "Moderate Buy" with a target of $349.55.

AMG National Trust Bank lifted its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 252.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 21,371 shares of the company's stock after acquiring an additional 15,311 shares during the period. AMG National Trust Bank's holdings in L3Harris Technologies were worth $6,274,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after buying an additional 3,001 shares during the last quarter. Jump Financial LLC grew its position in L3Harris Technologies by 14.9% during the second quarter. Jump Financial LLC now owns 2,995 shares of the company's stock valued at $751,000 after acquiring an additional 388 shares during the last quarter. NewEdge Advisors LLC grew its position in L3Harris Technologies by 14.2% during the second quarter. NewEdge Advisors LLC now owns 17,082 shares of the company's stock valued at $4,285,000 after acquiring an additional 2,130 shares during the last quarter. Nebula Research & Development LLC purchased a new position in shares of L3Harris Technologies during the second quarter worth approximately $856,000. Finally, CIBC Asset Management Inc raised its stake in shares of L3Harris Technologies by 116.2% during the second quarter. CIBC Asset Management Inc now owns 61,988 shares of the company's stock worth $15,549,000 after acquiring an additional 33,321 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 1.0%

Shares of LHX opened at $320.54 on Tuesday. The stock has a market capitalization of $59.87 billion, a P/E ratio of 37.58, a PEG ratio of 1.60 and a beta of 0.62. L3Harris Technologies Inc has a twelve month low of $214.10 and a twelve month high of $379.23. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $353.99 and a two-hundred day simple moving average of $323.14.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. The firm had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.47 earnings per share. On average, research analysts anticipate that L3Harris Technologies Inc will post 11.53 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, June 5th. L3Harris Technologies's payout ratio is currently 58.62%.

Analyst Upgrades and Downgrades

LHX has been the subject of a number of research reports. TD Cowen reaffirmed a "buy" rating on shares of L3Harris Technologies in a research note on Monday, January 5th. UBS Group lifted their target price on shares of L3Harris Technologies to $323.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. upped their price target on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an "overweight" rating in a research report on Thursday, February 5th. Royal Bank Of Canada raised their price objective on L3Harris Technologies from $360.00 to $365.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. Finally, Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $349.55.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the sale, the insider directly owned 7,660 shares in the company, valued at approximately $2,836,651.20. This trade represents a 41.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Melanie Rakita sold 2,378 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the transaction, the vice president directly owned 4,882 shares in the company, valued at $1,666,958.90. This trade represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,025 shares of company stock valued at $6,824,370 in the last 90 days. Insiders own 0.68% of the company's stock.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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