Martingale Asset Management L P Acquires 39,788 Shares of L3Harris Technologies Inc $LHX

Key Points

• Martingale Asset Management L P increased its stake in L3Harris by 283.3%, buying 39,788 shares to hold 53,832 shares valued at about $16.44 million at the end of the quarter.
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and a consensus target price of $328.57, while some firms (e.g., JPMorgan) have raised targets as high as $395.
• L3Harris beat EPS estimates for the quarter ($2.86 vs. $2.76) but slightly missed revenue expectations, raised its quarterly dividend to $1.25 (annual $5.00, 1.4% yield), and the stock trades around $357 amid recent insider selling.

Martingale Asset Management L P raised its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 283.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 53,832 shares of the company's stock after purchasing an additional 39,788 shares during the period. Martingale Asset Management L P's holdings in L3Harris Technologies were worth $16,441,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in LHX. Caitlin John LLC bought a new position in L3Harris Technologies in the 3rd quarter worth approximately $28,000. GGM Financials LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at approximately $32,000. Salomon & Ludwin LLC bought a new stake in L3Harris Technologies in the 3rd quarter valued at approximately $34,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of L3Harris Technologies during the second quarter valued at about $34,000. Finally, Copia Wealth Management increased its holdings in L3Harris Technologies by 1,842.9% during the 3rd quarter. Copia Wealth Management now owns 136 shares of the company's stock valued at $42,000 after purchasing an additional 129 shares during the period. 84.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LHX has been the topic of several recent analyst reports. Truist Financial set a $364.00 target price on shares of L3Harris Technologies in a research report on Wednesday, January 14th. JPMorgan Chase & Co. boosted their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the stock an "overweight" rating in a research report on Thursday, February 5th. Vertical Research restated a "buy" rating and issued a $355.00 target price on shares of L3Harris Technologies in a research note on Tuesday, January 13th. BNP Paribas Exane assumed coverage on L3Harris Technologies in a research note on Tuesday, November 18th. They issued a "neutral" rating and a $290.00 target price on the stock. Finally, TD Cowen reaffirmed a "buy" rating on shares of L3Harris Technologies in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $328.57.

L3Harris Technologies Stock Down 2.0%

Shares of LHX opened at $357.15 on Friday. The company has a market capitalization of $66.71 billion, a P/E ratio of 41.87, a PEG ratio of 2.63 and a beta of 0.63. L3Harris Technologies Inc has a one year low of $195.72 and a one year high of $379.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The business's 50 day simple moving average is $348.03 and its 200-day simple moving average is $308.06.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business's revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.47 earnings per share. As a group, sell-side analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's dividend payout ratio is currently 58.62%.

Insider Buying and Selling

In related news, insider Jon Rambeau sold 5,528 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Melanie Rakita sold 751 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the completion of the sale, the vice president owned 4,131 shares in the company, valued at $1,529,791.92. This represents a 15.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 19,025 shares of company stock valued at $6,824,370 over the last three months. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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