Invesco Ltd. Increases Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Invesco Ltd. increased its stake in L3Harris Technologies by 5.0%, acquiring an additional 112,271 shares, bringing its total holdings to 2,347,348 shares valued at approximately $491 million.
• Equities research analysts have raised their price targets for L3Harris Technologies, with forecasts showing an average target price of $279.47 and the stock receiving an overall rating of "Moderate Buy".
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, which represents a 1.8% dividend yield and will be paid to shareholders on September 22nd.

Invesco Ltd. lifted its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,347,348 shares of the company's stock after buying an additional 112,271 shares during the period. Invesco Ltd. owned approximately 1.26% of L3Harris Technologies worth $491,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in LHX. Oppenheimer Asset Management Inc. grew its stake in shares of L3Harris Technologies by 5.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after purchasing an additional 216 shares in the last quarter. BankPlus Wealth Management LLC lifted its position in L3Harris Technologies by 6.0% in the first quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock valued at $432,000 after acquiring an additional 117 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of L3Harris Technologies by 21.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock valued at $1,488,000 after buying an additional 1,236 shares during the last quarter. Brighton Jones LLC increased its stake in shares of L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after acquiring an additional 3,001 shares during the period. Finally, Capital Analysts LLC increased its stake in shares of L3Harris Technologies by 4.2% during the fourth quarter. Capital Analysts LLC now owns 44,510 shares of the company's stock worth $9,360,000 after acquiring an additional 1,808 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Up 0.2%

Shares of LHX traded up $0.44 during mid-day trading on Friday, hitting $271.49. 301,704 shares of the company's stock were exchanged, compared to its average volume of 1,437,120. The company has a market cap of $50.79 billion, a PE ratio of 30.25, a P/E/G ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52. The company has a 50-day simple moving average of $260.46 and a 200 day simple moving average of $231.17. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter last year, the firm posted $3.24 EPS. The company's quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Susquehanna upped their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. UBS Group upped their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Robert W. Baird upped their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Finally, Truist Financial increased their price objective 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. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Activity

In related news, insider Edward J. Zoiss sold 2,000 shares of the company'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 value of $490,000.00. Following the sale, the insider directly owned 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 40,138 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 147,199 shares of company stock worth $39,045,071. Company insiders own 0.72% of the company's stock.

L3Harris Technologies 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.