Longfellow Investment Management Co. LLC Buys 1,062 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Longfellow Investment Management Co. LLC increased its stake in L3Harris Technologies by 53.1%, acquiring an additional 1,062 shares to hold a total of 3,063 shares valued at $641,000.
• Insider Edward J. Zoiss sold 2,000 shares worth $490,000, while CEO Christopher E. Kubasik sold 72,000 shares for approximately $19.5 million, indicating significant insider selling.
• Analysts have a consensus rating of "Moderate Buy" for L3Harris Technologies, with six holding a "hold" rating and thirteen issuing "buy" ratings, alongside an average price target increase to $279.47.

Longfellow Investment Management Co. LLC lifted its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 53.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,063 shares of the company's stock after buying an additional 1,062 shares during the quarter. Longfellow Investment Management Co. LLC's holdings in L3Harris Technologies were worth $641,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Clearstead Trust LLC bought a new position in L3Harris Technologies during the first quarter worth about $26,000. Beacon Capital Management LLC increased its position in L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its position in L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after acquiring an additional 111 shares during the period. Park Square Financial Group LLC bought a new position in L3Harris Technologies during the fourth quarter worth about $37,000. Finally, Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after acquiring an additional 139 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Insiders Place Their Bets

In related news, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider owned 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction 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 transaction, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,199 shares of company stock worth $39,045,071 in the last quarter. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Trading Up 0.1%

NYSE:LHX traded up $0.29 during mid-day trading on Friday, hitting $271.34. 381,063 shares of the company's stock were exchanged, compared to its average volume of 1,437,801. 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 current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The firm has a market capitalization of $50.77 billion, a P/E ratio of 30.31, a PEG ratio of 1.98 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the previous year, the company earned $3.24 EPS. L3Harris Technologies's quarterly revenue was up 2.4% compared to the same quarter last year. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Susquehanna raised their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Royal Bank Of Canada raised their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Wall Street Zen lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Finally, Barclays raised their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and an average price target 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.