Nemes Rush Group LLC Increases Stock Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Nemes Rush Group LLC increased its stake in L3Harris Technologies by 6.2%, owning 34,394 shares worth approximately $7.2 million following the acquisition of an additional 2,002 shares.
• Several institutional investors also raised their stakes in L3Harris, with a significant increase of 21.2% in holdings by D.E. Shaw & Co. and a 233.9% increase by Brighton Jones LLC in the previous quarter.
• L3Harris Technologies recently reported better-than-expected earnings of $2.78 EPS for the quarter, surpassing estimates of $2.48, with a revenue of $5.43 billion.

Nemes Rush Group LLC lifted its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 6.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 34,394 shares of the company's stock after purchasing an additional 2,002 shares during the quarter. Nemes Rush Group LLC's holdings in L3Harris Technologies were worth $7,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of LHX. Transce3nd LLC increased its position in L3Harris Technologies by 7.9% during the first quarter. Transce3nd LLC now owns 652 shares of the company's stock worth $137,000 after acquiring an additional 48 shares during the period. Koshinski Asset Management Inc. increased its position in L3Harris Technologies by 3.1% during the first quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock worth $353,000 after acquiring an additional 50 shares during the period. Belpointe Asset Management LLC increased its position in L3Harris Technologies by 0.7% during the fourth quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company's stock worth $1,476,000 after acquiring an additional 52 shares during the period. CWC Advisors LLC. increased its position in L3Harris Technologies by 2.1% during the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock worth $546,000 after acquiring an additional 53 shares during the period. Finally, Callan Capital LLC increased its position in L3Harris Technologies by 5.0% during the first quarter. Callan Capital LLC now owns 1,107 shares of the company's stock worth $232,000 after acquiring an additional 53 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and increased their price objective for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Wells Fargo & Company reduced their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Robert W. Baird increased their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, UBS Group raised their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Buying and Selling

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction that occurred 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 directly owned 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the sale, the chief executive officer directly owned 145,572 shares of the company's stock, valued at approximately $36,171,730.56. This trade represents a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

Shares of LHX stock traded up $2.58 during trading on Tuesday, hitting $272.05. The company had a trading volume of 931,001 shares, compared to its average volume of 1,263,304. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock's 50-day moving average is $251.91 and its two-hundred day moving average is $226.31. The stock has a market capitalization of $50.90 billion, a price-to-earnings ratio of 22.46, a price-to-earnings-growth ratio of 2.10 and a beta of 0.75. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.03.

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

L3Harris Technologies Dividend Announcement

The firm 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 dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is currently 53.63%.

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.