Leith Wheeler Investment Counsel Ltd. Purchases 18,939 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Leith Wheeler Investment Counsel Ltd. increased its stake in L3Harris Technologies by 12.0% in the first quarter, making it the firm's 5th largest holding with approximately $36.96 million in value.
• Analysts have given L3Harris Technologies a consensus target price of $279.47, with six analysts rating it as a hold and thirteen as a buy.
• The company recently declared a quarterly dividend of $1.20 per share, which equates to an annualized dividend yield of 1.8%.

Leith Wheeler Investment Counsel Ltd. boosted its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 12.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 176,578 shares of the company's stock after purchasing an additional 18,939 shares during the period. L3Harris Technologies comprises about 2.6% of Leith Wheeler Investment Counsel Ltd.'s investment portfolio, making the stock its 5th biggest position. Leith Wheeler Investment Counsel Ltd. owned approximately 0.09% of L3Harris Technologies worth $36,960,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of LHX. Invesco Ltd. lifted its position in shares of L3Harris Technologies by 5.0% in the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock valued at $491,323,000 after acquiring an additional 112,271 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after acquiring an additional 311,886 shares in the last quarter. Northern Trust Corp increased its holdings in shares of L3Harris Technologies by 7.7% in the fourth quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock worth $342,975,000 after purchasing an additional 116,266 shares during the last quarter. Nuveen LLC bought a new stake in shares of L3Harris Technologies in the first quarter worth about $299,157,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of L3Harris Technologies by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,412,818 shares of the company's stock worth $297,087,000 after purchasing an additional 14,344 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Down 0.1%

NYSE LHX traded down $0.33 during midday trading on Friday, hitting $270.72. 1,177,990 shares of the company traded hands, compared to its average volume of 1,439,251. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The company has a market cap of $50.65 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 1.98 and a beta of 0.77. The company's 50-day simple moving average is $260.46 and its 200-day simple moving average is $231.17. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52.

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, beating the consensus estimate of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.24 EPS. As a group, equities research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed 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. The ex-dividend date 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 53.63%.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,199 shares of company stock worth $39,045,071. Corporate insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

LHX has been the topic of several analyst reports. UBS Group boosted their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Robert W. Baird boosted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Finally, Truist Financial upped their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

About L3Harris Technologies

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.