FengHe Fund Management Pte. Ltd. Invests $79.41 Million in L3Harris Technologies Inc $LHX

Key Points

• FengHe Fund Management bought 270,500 shares of L3Harris Technologies valued at approximately $79.41 million, making the stake about 4.5% of FengHe’s portfolio and roughly 0.14% of L3Harris outstanding stock.
• Company insiders have been net sellers recently—19,025 shares sold in the past 90 days worth about $6.82 million—leaving insiders with only about 0.68% ownership.
• L3Harris beat EPS expectations (reported $2.86 vs. $2.76) while revenue of $5.65B slightly missed, and the company has a market cap near $59.9B, a PE of ~37.6, and pays a $1.25 quarterly dividend (≈1.6% yield).

FengHe Fund Management Pte. Ltd. bought a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 270,500 shares of the company's stock, valued at approximately $79,411,000. L3Harris Technologies comprises about 4.5% of FengHe Fund Management Pte. Ltd.'s portfolio, making the stock its 9th largest position. FengHe Fund Management Pte. Ltd. owned approximately 0.14% of L3Harris Technologies as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Caitlin John LLC purchased a new stake in shares of L3Harris Technologies in the third quarter worth $28,000. American National Bank & Trust grew its stake in shares of L3Harris Technologies by 44.8% in the fourth quarter. American National Bank & Trust now owns 97 shares of the company's stock worth $28,000 after acquiring an additional 30 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of L3Harris Technologies in the third quarter worth $29,000. Triumph Capital Management purchased a new stake in shares of L3Harris Technologies in the third quarter worth $31,000. Finally, GGM Financials LLC purchased a new stake in shares of L3Harris Technologies in the third quarter worth $32,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 2,378 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $341.45, for a total value of $811,968.10. Following the transaction, the vice president owned 4,882 shares of the company's stock, valued at approximately $1,666,958.90. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Samir Mehta sold 5,528 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider directly owned 7,756 shares in the company, valued at approximately $2,872,201.92. This represents a 41.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 19,025 shares of company stock valued at $6,824,370. 0.68% of the stock is owned by company insiders.

L3Harris Technologies Trading Up 1.0%

L3Harris Technologies stock opened at $320.54 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. L3Harris Technologies Inc has a one year low of $214.10 and a one year high of $379.23. The stock has a market capitalization of $59.87 billion, a PE ratio of 37.58, a price-to-earnings-growth ratio of 1.60 and a beta of 0.62. The business's fifty day moving average is $353.99 and its 200 day moving average is $323.14.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The company had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.76 billion. During the same period last year, the firm posted $3.47 earnings per share. L3Harris Technologies's revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts predict that L3Harris Technologies Inc will post 11.53 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $5.00 dividend on an annualized basis and a yield of 1.6%. L3Harris Technologies's dividend payout ratio is currently 58.62%.

Analyst Ratings Changes

LHX has been the topic of a number of recent research reports. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. Royal Bank Of Canada increased their target price on L3Harris Technologies from $360.00 to $365.00 and gave the stock a "sector perform" rating in a research note on Friday, January 30th. Argus raised L3Harris Technologies to a "strong-buy" rating in a research report on Friday, February 27th. Vertical Research reaffirmed a "buy" rating and set a $355.00 price objective on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Finally, JPMorgan Chase & Co. increased their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an "overweight" rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $349.55.

About L3Harris Technologies

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.