L3Harris Technologies Inc (NYSE:LHX) Stock Position Increased by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its stake in L3Harris Technologies by 72.8%, owning 6,031 shares valued at approximately $1.26 million as of their latest SEC filing.
• Analysts have provided a generally positive outlook, with a consensus average target price of $279.47 for L3Harris Technologies, indicating strong growth potential.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, set to be paid on September 22nd, resulting in an annualized yield of 1.8%.

Townsquare Capital LLC lifted its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 72.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,031 shares of the company's stock after buying an additional 2,540 shares during the period. Townsquare Capital LLC's holdings in L3Harris Technologies were worth $1,262,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of LHX. Oppenheimer Asset Management Inc. grew its holdings in shares of L3Harris Technologies by 5.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after acquiring an additional 216 shares during the last quarter. BankPlus Wealth Management LLC grew its holdings in shares of L3Harris Technologies by 6.0% in the 1st quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock worth $432,000 after acquiring an additional 117 shares during the last quarter. D. E. Shaw & Co. Inc. grew its holdings in shares of L3Harris Technologies by 21.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock worth $1,488,000 after acquiring an additional 1,236 shares during the last quarter. Brighton Jones LLC grew its holdings in shares of L3Harris Technologies by 233.9% in the 4th 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 last quarter. Finally, Capital Analysts LLC grew its holdings in shares of L3Harris Technologies by 4.2% in the 4th 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 last quarter. Institutional investors own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of recent research reports. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Robert W. Baird lifted their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Truist Financial lifted their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barclays lifted their price target on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Finally, Susquehanna lifted their price target on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $270.23 on Thursday. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The business's 50-day moving average price is $259.88 and its two-hundred day moving average price is $230.83. The company has a market capitalization of $50.56 billion, a P/E ratio of 30.19, a price-to-earnings-growth ratio of 1.98 and a beta of 0.77. 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 for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The company had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same quarter in the previous year, the firm earned $3.24 earnings per share. The business's quarterly revenue was up 2.4% compared to the same quarter last year. Analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the business's 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 completion of the sale, the insider owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 40,138 shares of the business's stock in a transaction dated Monday, August 11th. The stock was 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 directly owned 145,578 shares of the company's stock, valued at $39,236,182.56. This represents a 21.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 147,199 shares of company stock valued at $39,045,071 in the last ninety days. Insiders own 0.72% of the company's stock.

L3Harris Technologies Company 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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