Eos Management L.P. Acquires 8,024 Shares of L3Harris Technologies Inc $LHX

Key Points

• Eos Management L.P. increased its stake in L3Harris Technologies by 107.9% in Q4, buying 8,024 shares to finish the quarter with 15,458 shares worth about $4.54 million, roughly 1.8% of the fund and its 18th-largest holding.
• Other institutions also added shares — notably M&T Bank Corp acquired 396,077 shares to hold 408,740 shares (~$119.99M) — and institutional investors now own about 84.76% of LHX.
• Analyst sentiment is positive with a consensus rating of Moderate Buy and an average price target of $349.55; L3Harris beat Q4 EPS estimates and raised its quarterly dividend to $1.25 (annual $5.00, ~1.5% yield).

Eos Management L.P. increased its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 107.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,458 shares of the company's stock after purchasing an additional 8,024 shares during the quarter. L3Harris Technologies makes up approximately 1.8% of Eos Management L.P.'s holdings, making the stock its 18th largest holding. Eos Management L.P.'s holdings in L3Harris Technologies were worth $4,538,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Teacher Retirement System of Texas boosted its position in L3Harris Technologies by 34.8% during the 4th quarter. Teacher Retirement System of Texas now owns 39,142 shares of the company's stock valued at $11,491,000 after acquiring an additional 10,104 shares in the last quarter. HB Wealth Management LLC boosted its position in L3Harris Technologies by 9.6% during the 4th quarter. HB Wealth Management LLC now owns 12,561 shares of the company's stock valued at $3,688,000 after acquiring an additional 1,098 shares in the last quarter. Caprock Group LLC boosted its position in L3Harris Technologies by 91.0% during the 4th quarter. Caprock Group LLC now owns 9,225 shares of the company's stock valued at $2,708,000 after acquiring an additional 4,396 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its position in L3Harris Technologies by 1.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 7,438 shares of the company's stock valued at $2,184,000 after acquiring an additional 138 shares in the last quarter. Finally, M&T Bank Corp boosted its position in L3Harris Technologies by 3,127.8% during the 4th quarter. M&T Bank Corp now owns 408,740 shares of the company's stock valued at $119,994,000 after acquiring an additional 396,077 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on LHX. Royal Bank Of Canada lifted their price objective on L3Harris Technologies from $360.00 to $365.00 and gave the company a "sector perform" rating in a research report on Friday, January 30th. Wolfe Research reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Weiss Ratings raised L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, December 29th. Truist Financial set a $364.00 price objective on L3Harris Technologies in a research report on Wednesday, January 14th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $349.55.

L3Harris Technologies Price Performance

LHX stock opened at $331.78 on Thursday. The firm has a 50 day moving average price of $355.23 and a 200-day moving average price of $322.57. L3Harris Technologies Inc has a 52-week low of $208.11 and a 52-week high of $379.23. The firm has a market capitalization of $61.97 billion, a price-to-earnings ratio of 38.90, a PEG ratio of 1.72 and a beta of 0.62. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period last year, the business earned $3.47 earnings per share. The business's revenue was up 2.3% on a year-over-year basis. Equities research analysts forecast that L3Harris Technologies Inc will post 11.53 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, March 6th. This is an increase from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's dividend payout ratio (DPR) is presently 58.62%.

Insider Buying and Selling

In related news, VP Melanie Rakita sold 2,378 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the transaction, the vice president directly owned 4,882 shares in the company, valued at $1,666,958.90. The trade was a 32.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samir Mehta sold 5,528 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company's stock, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,025 shares of company stock worth $6,824,370 in the last three months. Insiders own 0.68% of the company's stock.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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