Envestnet Asset Management Inc. Raises Stake in L3Harris Technologies Inc (NYSE:LHX)

Envestnet Asset Management Inc. grew its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,262,240 shares of the company's stock after purchasing an additional 89,722 shares during the period. Envestnet Asset Management Inc. owned approximately 0.67% of L3Harris Technologies worth $264,199,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after buying an additional 82 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of L3Harris Technologies during the fourth quarter valued at about $26,000. Beacon Capital Management LLC lifted its stake 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 buying an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised 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 purchasing an additional 111 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in L3Harris Technologies during the 4th quarter valued at approximately $37,000. Institutional investors own 84.76% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. UBS Group increased their price target on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Truist Financial lowered their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Jefferies Financial Group reduced their price target on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, March 31st. The Goldman Sachs Group raised L3Harris Technologies from a "sell" rating to a "buy" rating and raised their target price for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Finally, Citigroup upped their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $258.75.

L3Harris Technologies Stock Performance

LHX stock traded up $2.01 on Wednesday, hitting $259.10. The company's stock had a trading volume of 934,388 shares, compared to its average volume of 1,155,862. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $265.74. The stock has a market cap of $48.44 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 2.05 and a beta of 0.75. The firm has a 50 day moving average of $239.72 and a two-hundred day moving average of $220.83. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $2.41 EPS for the quarter, topping analysts' consensus estimates of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the firm earned $3.06 EPS. L3Harris Technologies's quarterly revenue was down 1.5% on a year-over-year basis. Equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were issued a $1.20 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.85%. L3Harris Technologies's dividend payout ratio is presently 56.94%.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the sale, the chief executive officer directly owned 145,572 shares in the company, valued at approximately $36,171,730.56. The trade was a 18.51% 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 this link. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies 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 transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

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.