Kovitz Investment Group Partners LLC Boosts Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Kovitz Investment Group Partners LLC increased its stake in L3Harris Technologies by 4.6% during the first quarter, bringing its total holdings to 26,552 shares valued at approximately $5.56 million.
• Insider selling was noted, with CEO Christopher E. Kubasik offloading 72,000 shares for over $19.5 million, resulting in a 33.09% decrease in his holdings.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, with a dividend yield of 1.8%, set to be paid on September 22nd.

Kovitz Investment Group Partners LLC lifted its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 4.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,552 shares of the company's stock after purchasing an additional 1,179 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in L3Harris Technologies were worth $5,558,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LHX. Clearstead Trust LLC purchased a new stake in L3Harris Technologies during the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings in L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after acquiring an additional 111 shares during the period. Park Square Financial Group LLC purchased a new stake in L3Harris Technologies during the 4th quarter valued at about $37,000. Finally, Cornerstone Planning Group LLC boosted its holdings in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after acquiring an additional 139 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at $39,472,018.92. This trade represents a 33.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were 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 approximately $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,199 shares of company stock valued at $39,045,071 in the last three months. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Down 0.1%

Shares of NYSE:LHX opened at $270.72 on Friday. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $280.52. The firm has a market capitalization of $50.65 billion, a P/E ratio of 30.25, a P/E/G ratio of 1.98 and a beta of 0.77. The stock has a 50 day moving average price of $260.99 and a 200-day moving average price of $231.70. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the prior year, the company earned $3.24 EPS. The business's revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Citigroup increased their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Truist Financial increased their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, UBS Group increased their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $279.47.

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.

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