13,761 Shares in L3Harris Technologies Inc (NYSE:LHX) Bought by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC has purchased a new stake in L3Harris Technologies, acquiring 13,761 shares valued at approximately $2,859,000 in the first quarter.
• L3Harris Technologies reported earnings per share (EPS) of $2.78, beating estimates, along with a revenue of $5.43 billion for the quarter, reflecting a 2.4% year-over-year increase.
• The company has announced a $1.20 quarterly dividend, with a yield of 1.8%, to be paid on September 22 to shareholders of record.

CCM Investment Group LLC purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 13,761 shares of the company's stock, valued at approximately $2,859,000.

Other large investors have also recently modified their holdings of the company. Clearstead Trust LLC acquired a new position in L3Harris Technologies during the 1st quarter worth about $26,000. Beacon Capital Management LLC raised its position in shares of L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after acquiring an additional 111 shares during the period. Park Square Financial Group LLC bought a new stake in L3Harris Technologies in the fourth quarter valued at approximately $37,000. Finally, Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after purchasing an additional 139 shares during the period. Institutional investors own 84.76% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LHX. Barclays boosted their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Wall Street Zen lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Royal Bank Of Canada increased their price target on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Robert W. Baird boosted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Stock Down 0.0%

NYSE LHX traded down $0.01 during trading hours on Wednesday, hitting $270.20. The company's stock had a trading volume of 187,979 shares, compared to its average volume of 1,438,993. 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 company's 50-day simple moving average is $259.32 and its two-hundred day simple moving average is $230.56. The company has a market capitalization of $50.55 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The business 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%. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.24 EPS. Research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a dividend of $1.20 per share. The ex-dividend date is Friday, September 5th. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider directly owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 72,000 shares of the 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 sale, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,199 shares of company stock valued at $39,045,071 in the last quarter. 0.72% of the stock is owned by corporate 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.