Banque Cantonale Vaudoise Takes $379,000 Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Banque Cantonale Vaudoise acquired a new position in L3Harris Technologies, purchasing 1,811 shares valued at approximately $379,000.
• Analysts are optimistic about L3Harris Technologies, with multiple brokerages raising price targets and maintaining a consensus rating of "Moderate Buy".
• L3Harris Technologies reported a quarterly EPS of $2.78, exceeding estimates, while announcing a quarterly dividend of $1.20 per share, representing an annual yield of 1.7%.

Banque Cantonale Vaudoise bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,811 shares of the company's stock, valued at approximately $379,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LHX. Brighton Jones LLC raised its stake in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in L3Harris Technologies during the 4th quarter valued at approximately $11,508,000. Franklin Resources Inc. raised its stake in L3Harris Technologies by 10.6% during the 4th quarter. Franklin Resources Inc. now owns 241,324 shares of the company's stock valued at $50,746,000 after purchasing an additional 23,096 shares during the period. Huntington National Bank raised its stake in L3Harris Technologies by 0.8% during the 4th quarter. Huntington National Bank now owns 12,018 shares of the company's stock valued at $2,527,000 after purchasing an additional 95 shares during the period. Finally, Cinctive Capital Management LP grew its position in shares of L3Harris Technologies by 25.1% during the fourth quarter. Cinctive Capital Management LP now owns 6,415 shares of the company's stock valued at $1,349,000 after purchasing an additional 1,288 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LHX. Citigroup raised their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Robert W. Baird raised their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and raised their price objective for the company from $198.00 to $263.00 in a research report on Friday, April 11th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday, July 28th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Stock Up 1.2%

Shares of NYSE LHX opened at $278.19 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The firm has a market capitalization of $52.05 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 2.01 and a beta of 0.77. The stock has a 50 day moving average price of $255.07 and a 200 day moving average price of $227.81. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $280.03.

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

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a $1.20 dividend. 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 payout ratio is 53.63%.

Insider Buying and Selling

In other news, 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 transaction of $490,000.00. Following the transaction, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,061 shares of company stock valued at $28,227,077 in the last three months. 0.72% of the stock is currently owned by insiders.

L3Harris Technologies Company 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.

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