Nikko Asset Management Americas Inc. Purchases 7,878 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Nikko Asset Management Americas Inc. increased its stake in L3Harris Technologies by 12.9%, acquiring an additional 7,878 shares to own a total of 68,966 shares worth approximately $14.4 million.
• Various institutional investors have also boosted their holdings in L3Harris Technologies, with the institutional ownership now at 84.76% of the company’s stock.
• L3Harris Technologies recently reported quarterly earnings of $2.78 EPS, exceeding analysts' estimates, and declared a quarterly dividend of $1.20 per share, reflecting a 1.78% dividend yield.

Nikko Asset Management Americas Inc. increased its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 12.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 68,966 shares of the company's stock after buying an additional 7,878 shares during the period. Nikko Asset Management Americas Inc.'s holdings in L3Harris Technologies were worth $14,435,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its stake in shares of L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after purchasing an additional 82 shares during the period. Beacon Capital Management LLC increased its position in L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after buying an additional 111 shares in the last quarter. Park Square Financial Group LLC acquired a new position in L3Harris Technologies during the 4th quarter valued at about $37,000. Finally, Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Up 0.8%

NYSE LHX traded up $2.27 on Wednesday, hitting $274.58. 374,630 shares of the stock were exchanged, compared to its average volume of 1,452,708. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week 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 company has a market capitalization of $51.37 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 2.10 and a beta of 0.75. The company's 50-day moving average price is $252.73 and its two-hundred day moving average price is $226.63.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. During the same period in the previous year, the company posted $3.24 EPS. L3Harris Technologies's revenue was up 2.4% on a year-over-year basis. Research 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. 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 1.75%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is 53.63%.

Insiders Place Their Bets

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction that occurred 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 sale, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,061 shares of company stock valued at $28,227,077. Company insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LHX. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Citigroup increased their price target on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Truist Financial increased their price target on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. UBS Group restated a "neutral" rating and issued a $280.00 target price (up previously from $262.00) on shares of L3Harris Technologies in a research report on Friday, July 25th. Finally, The Goldman Sachs Group raised L3Harris Technologies from a "sell" rating to a "buy" rating and increased their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.