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Davis R M Inc. Takes $269,000 Position in L3Harris Technologies Inc (NYSE:LHX)

L3Harris Technologies logo with Aerospace background

Key Points

  • Davis R M Inc. has acquired a new position in L3Harris Technologies Inc, purchasing 1,283 shares valued at approximately $269,000.
  • The company reported a quarterly earnings per share (EPS) of $2.78, exceeding the consensus estimate of $2.48, with revenues of $5.43 billion for the quarter.
  • L3Harris Technologies announced a quarterly dividend of $1.20 per share, which represents an annualized yield of 1.7%, with a payout ratio of 53.63%.
  • Five stocks to consider instead of L3Harris Technologies.

Davis R M Inc. acquired a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,283 shares of the company's stock, valued at approximately $269,000.

Several other hedge funds have also bought and sold shares of LHX. Natixis Advisors LLC raised its holdings in shares of L3Harris Technologies by 25.7% during the first quarter. Natixis Advisors LLC now owns 267,328 shares of the company's stock valued at $55,954,000 after purchasing an additional 54,672 shares during the last quarter. SlateStone Wealth LLC purchased a new stake in L3Harris Technologies during the first quarter valued at $7,275,000. Mesirow Financial Investment Management Inc. raised its stake in L3Harris Technologies by 3.0% during the first quarter. Mesirow Financial Investment Management Inc. now owns 2,617 shares of the company's stock valued at $548,000 after purchasing an additional 76 shares in the last quarter. Arkadios Wealth Advisors raised its stake in shares of L3Harris Technologies by 63.4% in the first quarter. Arkadios Wealth Advisors now owns 2,373 shares of the company's stock valued at $497,000 after acquiring an additional 921 shares during the period. Finally, First National Trust Co raised its stake in shares of L3Harris Technologies by 0.5% in the first quarter. First National Trust Co now owns 28,572 shares of the company's stock valued at $5,980,000 after acquiring an additional 146 shares during the period. Institutional investors own 84.76% of the company's stock.

Analysts Set New Price Targets

LHX has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Barclays increased their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Susquehanna raised their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Truist Financial lifted their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, UBS Group lifted their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

Get Our Latest Report on LHX

L3Harris Technologies Trading Up 1.2%

Shares of LHX stock traded up $3.37 on Friday, hitting $278.19. 1,412,687 shares of the stock traded hands, compared to its average volume of 1,372,809. The stock has a market capitalization of $52.05 billion, a PE ratio of 31.08, a PEG ratio of 2.03 and a beta of 0.77. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $280.03. The firm's 50-day moving average price is $255.07 and its two-hundred day moving average price is $227.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.24 earnings per share. As a group, analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders 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 dividend yield of 1.7%. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Transactions at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction 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 transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $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. Over the last three months, insiders have sold 107,061 shares of company stock valued at $28,227,077. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Company Profile

(Free Report)

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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Institutional Ownership by Quarter for L3Harris Technologies (NYSE:LHX)

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