Bank of Nova Scotia Has $14.76 Million Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• The Bank of Nova Scotia reduced its holdings in L3Harris Technologies by 67.6%, owning 70,503 shares worth approximately $14.76 million as of its latest SEC filing.
• Several hedge funds have increased their stakes in L3Harris, with notable increases from Invesco Ltd (30.5%) and GAMMA Investing LLC (18,295.3%) during the last quarters.
• Analysts generally rate L3Harris Technologies as a "Moderate Buy," with a consensus price target of $279.47 after some firms upgraded their ratings and price targets recently.

Bank of Nova Scotia reduced its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 67.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 70,503 shares of the company's stock after selling 146,806 shares during the period. Bank of Nova Scotia's holdings in L3Harris Technologies were worth $14,757,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. grew its stake in L3Harris Technologies by 30.5% during the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after purchasing an additional 522,861 shares during the last quarter. GAMMA Investing LLC grew its stake in L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after purchasing an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after purchasing an additional 311,886 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of L3Harris Technologies by 64.2% in the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after buying an additional 289,514 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in L3Harris Technologies in the 4th quarter worth about $53,011,000. 84.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

L3Harris Technologies Stock Down 0.2%

NYSE:LHX traded down $0.65 during mid-day trading on Wednesday, hitting $277.57. The company had a trading volume of 1,294,793 shares, compared to its average volume of 1,342,419. The business has a fifty day simple moving average of $256.47 and a 200-day simple moving average of $228.74. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The firm has a market capitalization of $51.93 billion, a price-to-earnings ratio of 31.01, a PEG ratio of 2.03 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 11.82% and a net margin of 7.94%. L3Harris Technologies's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.24 earnings per share. Equities analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on LHX shares. The Goldman Sachs Group raised L3Harris Technologies from a "sell" rating to a "buy" rating and increased their target price for the company from $198.00 to $263.00 in a report on Friday, April 11th. Wells Fargo & Company decreased their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Truist Financial lifted their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Robert W. Baird boosted their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Barclays increased their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.