ARK Investment Management LLC Acquires 60,300 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• ARK Investment Management LLC increased its holdings in L3Harris Technologies by 110.8%, acquiring an additional 60,300 shares to bring their total ownership to 114,701 shares, valued at approximately $24 million.
• CEO Christopher E. Kubasik sold 33,061 shares of L3Harris stock, decreasing his holdings by 18.51%, while the company recently announced a dividend of $1.20 per share.
• Equities analysts have set a consensus price target of $276.53 for L3Harris, with several firms raising their target prices, reflecting a strong interest in the stock.

ARK Investment Management LLC increased its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 110.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,701 shares of the company's stock after purchasing an additional 60,300 shares during the quarter. ARK Investment Management LLC owned approximately 0.06% of L3Harris Technologies worth $24,008,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after buying an additional 3,001 shares during the last quarter. LPL Financial LLC increased its holdings in shares of L3Harris Technologies by 2.6% in the fourth quarter. LPL Financial LLC now owns 226,199 shares of the company's stock valued at $47,565,000 after purchasing an additional 5,746 shares during the period. Congress Wealth Management LLC DE grew its holdings in L3Harris Technologies by 44.3% during the fourth quarter. Congress Wealth Management LLC DE now owns 1,621 shares of the company's stock worth $341,000 after acquiring an additional 498 shares during the period. TIAA Trust National Association grew its holdings in L3Harris Technologies by 4.8% during the fourth quarter. TIAA Trust National Association now owns 3,899 shares of the company's stock worth $820,000 after acquiring an additional 177 shares during the period. Finally, Korea Investment CORP boosted its position in L3Harris Technologies by 15.7% during the fourth quarter. Korea Investment CORP now owns 122,015 shares of the company's stock worth $25,657,000 after purchasing an additional 16,580 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analyst Ratings Changes

LHX has been the topic of several recent research reports. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Barclays raised their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday. Truist Financial raised their price target on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company cut their price target on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $279.47.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider directly owned 25,325 shares in the company, valued at approximately $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,061 shares of company stock worth $28,227,077 over the last quarter. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of NYSE LHX traded up $2.54 during mid-day trading on Wednesday, reaching $274.85. The company had a trading volume of 415,388 shares, compared to its average volume of 1,452,876. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The stock has a market cap of $51.42 billion, a PE ratio of 30.70, a P/E/G ratio of 2.10 and a beta of 0.75. The company has a 50-day moving average price of $252.73 and a two-hundred day moving average price of $226.63. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.03.

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

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.75%. L3Harris Technologies's payout ratio is presently 53.63%.

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.