Donoghue Forlines LLC Acquires New Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Donoghue Forlines LLC has acquired a new stake in L3Harris Technologies Inc, purchasing 6,961 shares valued at approximately $1.46 million in the first quarter of the year.
• Other institutional investors, including GAMMA Investing LLC and Deutsche Bank AG, have significantly increased their positions in L3Harris, with GAMMA boosting its stake by an astounding 18,295.3%.
• L3Harris Technologies recently reported earnings of $2.78 per share, exceeding analyst expectations, and declared a quarterly dividend of $1.20 for shareholders.

Donoghue Forlines LLC acquired a new stake in 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 acquired 6,961 shares of the company's stock, valued at approximately $1,457,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Townsquare Capital LLC lifted its stake in shares of L3Harris Technologies by 72.8% in the first quarter. Townsquare Capital LLC now owns 6,031 shares of the company's stock valued at $1,262,000 after purchasing an additional 2,540 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of L3Harris Technologies in the first quarter valued at about $748,000. Founders Financial Alliance LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at about $244,000. Rezny Wealth Management Inc. lifted its stake in shares of L3Harris Technologies by 11.1% in the first quarter. Rezny Wealth Management Inc. now owns 7,702 shares of the company's stock valued at $1,612,000 after purchasing an additional 771 shares during the period. Finally, Nicholson Wealth Management Group LLC lifted its stake in shares of L3Harris Technologies by 1.9% in the first quarter. Nicholson Wealth Management Group LLC now owns 7,195 shares of the company's stock valued at $1,506,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Trading Down 1.5%

Shares of NYSE:LHX traded down $4.12 during trading on Friday, reaching $269.69. The stock had a trading volume of 1,639,160 shares, compared to its average volume of 1,441,700. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The business has a fifty day moving average price of $258.25 and a 200-day moving average price of $229.92. The stock has a market cap of $50.46 billion, a P/E ratio of 30.13, a PEG ratio of 1.97 and a beta of 0.77. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the firm earned $3.24 earnings per share. L3Harris Technologies's revenue was up 2.4% compared to the same quarter last year. As a group, analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were 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. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,061 shares of company stock valued at $28,227,077. 0.72% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Truist Financial lifted their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Citigroup lifted their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Barclays lifted their target price 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. Finally, UBS Group lifted their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus target price of $279.47.

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.