Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 110,589 L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 110,589 shares of L3Harris Technologies, valued at approximately $23.1 million, representing about 0.06% of the company.
• L3Harris Technologies reported a net income of $2.78 per share, beating estimates, with revenue of $5.43 billion for the last quarter, up 2.4% year-over-year.
• The company announced a quarterly dividend of $1.20 per share, equating to a 1.8% dividend yield, to be paid on September 22nd.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 110,589 shares of the company's stock, valued at approximately $23,147,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of L3Harris Technologies at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Trust LLC purchased a new position in shares of L3Harris Technologies during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC grew its holdings in shares of L3Harris Technologies by 79.5% during the 1st 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 period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of L3Harris Technologies by 336.4% during the 4th 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 purchased a new stake in shares of L3Harris Technologies in the 4th quarter worth approximately $37,000. Finally, Cornerstone Planning Group LLC grew its stake in shares of L3Harris Technologies by 323.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after buying an additional 139 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Down 1.5%

Shares of NYSE:LHX opened at $269.69 on Friday. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The business has a 50 day simple moving average of $258.25 and a two-hundred day simple moving average of $229.85. The firm has a market capitalization of $50.46 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. The firm 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 company's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.24 earnings per share. On average, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Robert W. Baird upped their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Barclays upped their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Citigroup increased their price target on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Susquehanna raised their target price on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Finally, 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 research note on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

Insider Buying and Selling 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 value of $19,522,080.00. Following the completion of the sale, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the insider owned 25,325 shares of the company's stock, 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 a total of 107,061 shares of company stock valued at $28,227,077 over the last quarter. Company insiders own 0.72% of the company's stock.

About L3Harris Technologies

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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