L3Harris Technologies Inc $LHX Stock: International Assets Investment Management LLC Increases Stake

Key Points

• International Assets Investment Management increased its L3Harris stake by 8,317.5% in the third quarter, adding 148,218 shares to hold 150,000 shares, valued at about $368,000.
• L3Harris reported quarterly earnings of $3.28 per share, beating estimates of $2.95, while revenue of $6.07 billion also topped forecasts and grew 7.1% year over year.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5 annually and a 1.9% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $345.60.

International Assets Investment Management LLC increased its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8,317.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the company's stock after acquiring an additional 148,218 shares during the quarter. International Assets Investment Management LLC owned about 0.08% of L3Harris Technologies worth $368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Miller Global Investments LLC lifted its holdings in L3Harris Technologies by 34.0% during the second quarter. Miller Global Investments LLC now owns 138 shares of the company's stock valued at $40,000 after purchasing an additional 35 shares in the last quarter. AlTi Global Inc. raised its position in shares of L3Harris Technologies by 4.3% during the 1st quarter. AlTi Global Inc. now owns 923 shares of the company's stock valued at $319,000 after purchasing an additional 38 shares during the period. Twin Lakes Capital Management LLC raised its position in shares of L3Harris Technologies by 0.3% during the 2nd quarter. Twin Lakes Capital Management LLC now owns 14,195 shares of the company's stock valued at $4,125,000 after purchasing an additional 38 shares during the period. Center for Financial Planning Inc. raised its position in shares of L3Harris Technologies by 18.8% during the 3rd quarter. Center for Financial Planning Inc. now owns 246 shares of the company's stock valued at $58,000 after purchasing an additional 39 shares during the period. Finally, Signature Equity Partners LLC lifted its stake in shares of L3Harris Technologies by 2.3% during the 1st quarter. Signature Equity Partners LLC now owns 1,863 shares of the company's stock valued at $643,000 after buying an additional 41 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $258.88 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.20. The firm has a fifty day moving average price of $250.19 and a 200 day moving average price of $303.58. L3Harris Technologies Inc has a fifty-two week low of $232.34 and a fifty-two week high of $379.23. The firm has a market cap of $48.20 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 1.59 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $3.28 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.33. The company had revenue of $6.07 billion during the quarter, compared to analysts' expectations of $5.92 billion. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. L3Harris Technologies's quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the company posted $2.70 earnings per share. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 12.04 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, December 4th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. L3Harris Technologies's dividend payout ratio (DPR) is presently 46.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. UBS Group increased their price target on L3Harris Technologies from $264.00 to $293.00 and gave the stock a "neutral" rating in a research note on Friday, October 30th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a research report on Tuesday, August 18th. Weiss Ratings lowered L3Harris Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 10th. Susquehanna cut their target price on L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a research report on Friday, July 31st. Finally, BNP Paribas Exane decreased their target price on L3Harris Technologies from $330.00 to $310.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $345.60.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc is a technology and defense company that develops products and systems for government and commercial customers. Its offerings support aerospace, defense, space, communications, intelligence, surveillance and reconnaissance, electronic warfare, missile defense, and aviation missions.

The company provides secure communications equipment, tactical radios, sensors, avionics, electronic warfare systems, missile and air defense technologies, space payloads and systems, and other mission-critical solutions.

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