Neo Ivy Capital Management Invests $607,000 in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Neo Ivy Capital Management has recently invested approximately $607,000 in L3Harris Technologies by purchasing 2,898 shares in the first quarter.
• Multiple institutional investors have also increased their stakes in L3Harris, with notable boosts from Invesco Ltd. (30.5%) and GAMMA Investing LLC (18,295.3%) in recent months.
• The company announced a quarterly dividend of $1.20 per share, representing an annualized yield of 1.78%, to be paid on September 22nd.

Neo Ivy Capital Management acquired a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,898 shares of the company's stock, valued at approximately $607,000.

A number of other institutional investors and hedge funds have also made changes to their positions in LHX. Transce3nd LLC raised its holdings in L3Harris Technologies by 7.9% in the first quarter. Transce3nd LLC now owns 652 shares of the company's stock worth $137,000 after buying an additional 48 shares during the last quarter. Koshinski Asset Management Inc. increased its position in shares of L3Harris Technologies by 3.1% during the first quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock valued at $353,000 after acquiring an additional 50 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in L3Harris Technologies by 0.7% in the 4th 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 last quarter. CWC Advisors LLC. lifted its position in L3Harris Technologies by 2.1% in the 4th quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock valued at $546,000 after acquiring an additional 53 shares in the last quarter. Finally, Callan Capital LLC boosted its stake in L3Harris Technologies by 5.0% during the 1st quarter. Callan Capital LLC now owns 1,107 shares of the company's stock valued at $232,000 after purchasing an additional 53 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded up $2.11 during trading hours on Wednesday, reaching $274.42. The company's stock had a trading volume of 268,429 shares, compared to its average volume of 1,451,982. The stock has a market cap of $51.34 billion, a P/E ratio of 30.66, a P/E/G ratio of 2.10 and a beta of 0.75. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.03. 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 firm has a 50 day moving average price of $252.73 and a 200-day moving average price of $226.63.

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

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 annualized dividend and a dividend yield of 1.75%. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LHX. Susquehanna boosted their price target on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday. Truist Financial raised their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wells Fargo & Company cut their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Royal Bank Of Canada increased their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Transactions at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the 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 sale, 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. Over the last ninety days, insiders have sold 107,061 shares of company stock valued at $28,227,077. 0.72% of the stock is owned by corporate insiders.

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.