Assetmark Inc. Increases Position in L3Harris Technologies Inc $LHX

Key Points

• Assetmark Inc. boosted its stake in L3Harris by 30.2%, buying 3,647 shares to hold 15,714 shares valued at about $4.61 million as of the latest 13F filing.
• L3Harris beat Q4 EPS estimates ($2.86 vs. $2.76) but posted slightly lower-than-expected revenue ($5.65B), and the company raised its quarterly dividend to $1.25 (annualized $5.00, ~1.4% yield).
• Insiders have been net sellers (19,025 shares worth ~$6.82M over three months), while analysts hold a consensus of "Moderate Buy" with an average price target around $349.55 and some firms raising targets (JPMorgan to $395).

Assetmark Inc. lifted its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 30.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,714 shares of the company's stock after purchasing an additional 3,647 shares during the period. Assetmark Inc.'s holdings in L3Harris Technologies were worth $4,613,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of LHX. Webster Bank N. A. boosted its holdings in L3Harris Technologies by 15.2% in the 4th quarter. Webster Bank N. A. now owns 508 shares of the company's stock worth $149,000 after buying an additional 67 shares during the last quarter. Third View Private Wealth LLC acquired a new stake in L3Harris Technologies in the 4th quarter worth about $2,984,000. Tandem Capital Management Corp ADV boosted its holdings in L3Harris Technologies by 2.1% in the 4th quarter. Tandem Capital Management Corp ADV now owns 8,532 shares of the company's stock worth $2,505,000 after buying an additional 175 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in L3Harris Technologies by 4.6% in the 4th quarter. Tectonic Advisors LLC now owns 2,615 shares of the company's stock worth $768,000 after buying an additional 115 shares during the last quarter. Finally, Whitener Capital Management Inc. boosted its holdings in L3Harris Technologies by 17.4% in the 4th quarter. Whitener Capital Management Inc. now owns 2,921 shares of the company's stock worth $858,000 after buying an additional 433 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 1.0%

Shares of L3Harris Technologies stock opened at $349.76 on Friday. The stock has a market cap of $65.33 billion, a P/E ratio of 41.00, a P/E/G ratio of 1.79 and a beta of 0.62. The stock's 50 day simple moving average is $355.54 and its 200-day simple moving average is $321.69. L3Harris Technologies Inc has a 1-year low of $208.11 and a 1-year high of $379.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.47 EPS. Analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were issued a $1.25 dividend. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Friday, March 6th. L3Harris Technologies's payout ratio is currently 58.62%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 2,378 shares of the company's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $341.45, for a total transaction 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 represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samir Mehta sold 5,528 shares of the company's stock in a transaction 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 transaction, the insider owned 7,756 shares in the company, valued at $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 19,025 shares of company stock worth $6,824,370. Insiders own 0.68% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on LHX. JPMorgan Chase & Co. lifted their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the stock an "overweight" rating in a report on Thursday, February 5th. Weiss Ratings upgraded L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, December 29th. TD Cowen restated a "buy" rating on shares of L3Harris Technologies in a report on Monday, January 5th. UBS Group boosted their target price on L3Harris Technologies to $323.00 and gave the stock a "neutral" rating in a report on Wednesday, January 14th. Finally, Vertical Research restated a "buy" rating and set a $355.00 target price on shares of L3Harris Technologies in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $349.55.

About L3Harris Technologies

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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