Gamco Investors INC. ET AL Has $17.87 Million Holdings in L3Harris Technologies Inc $LHX

Key Points

• Gamco Investors trimmed its stake in L3Harris by 5.4%, selling 3,372 shares and leaving it with 58,500 shares valued at about $17.87 million.
• L3Harris raised its quarterly dividend to $1.25 (from $1.20), an annualized $5.00 payout with a yield of about 1.4% and an ex-dividend date of March 6.
• Analysts rate L3Harris a consensus "Moderate Buy" with an average price target of $328.57, and some firms (e.g., JPMorgan) have recently raised targets — JPMorgan's target is $395 with an "overweight" rating.

Gamco Investors INC. ET AL lessened its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,500 shares of the company's stock after selling 3,372 shares during the period. Gamco Investors INC. ET AL's holdings in L3Harris Technologies were worth $17,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of LHX. Caitlin John LLC bought a new position in L3Harris Technologies in the third quarter valued at $28,000. GGM Financials LLC bought a new stake in L3Harris Technologies during the third quarter worth about $32,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of L3Harris Technologies in the 2nd quarter valued at approximately $34,000. Salomon & Ludwin LLC acquired a new stake in L3Harris Technologies in the third quarter valued at $34,000. Finally, Rakuten Securities Inc. grew its holdings in L3Harris Technologies by 234.8% during the second quarter. Rakuten Securities Inc. now owns 154 shares of the company's stock worth $39,000 after purchasing an additional 108 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Analysts Set New Price Targets

LHX has been the topic of a number of research reports. Wall Street Zen lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of L3Harris Technologies from $340.00 to $395.00 and gave the stock an "overweight" rating in a research report on Thursday, February 5th. Wolfe Research reaffirmed an "outperform" rating on shares of L3Harris Technologies in a report on Friday, January 30th. BNP Paribas Exane raised shares of L3Harris Technologies to a "hold" rating in a report on Tuesday, November 18th. Finally, UBS Group upped their target price on L3Harris Technologies to $323.00 and gave the stock a "neutral" rating in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $328.57.

L3Harris Technologies Trading Up 1.6%

NYSE LHX opened at $365.83 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $342.52 and a 200 day simple moving average of $305.83. L3Harris Technologies Inc has a 12 month low of $195.72 and a 12 month high of $379.23. The firm has a market capitalization of $68.33 billion, a P/E ratio of 42.89, a PEG ratio of 2.64 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts' consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.L3Harris Technologies's quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $3.47 earnings per share. On average, analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a dividend of $1.25 per share. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. L3Harris Technologies's dividend payout ratio is 56.27%.

Insiders Place Their Bets

In related news, insider Jon Rambeau sold 5,528 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the transaction, the insider owned 7,660 shares of the company's stock, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Samir Mehta sold 5,528 shares of L3Harris Technologies 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 transaction, the insider directly owned 7,756 shares in the company, valued at $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 19,025 shares of company stock valued at $6,824,370 in the last quarter. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies 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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