North Dakota State Investment Board Makes New $1.88 Million Investment in L3Harris Technologies Inc $LHX

Key Points

• North Dakota State Investment Board initiated a new stake in L3Harris Technologies in the fourth quarter, buying 6,405 shares worth about $1.88 million.
• Several other institutional investors also boosted holdings, and 84.76% of L3Harris stock is now owned by hedge funds and other institutions.
• Analysts remain constructive on the defense contractor: recent upgrades helped push the consensus to a “Moderate Buy” with an average target price of $354.75, while the stock was trading around $307.95.

North Dakota State Investment Board purchased a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,405 shares of the company's stock, valued at approximately $1,880,000.

Other large investors have also made changes to their positions in the company. Korea Investment CORP grew its position in shares of L3Harris Technologies by 11.2% in the third quarter. Korea Investment CORP now owns 153,567 shares of the company's stock valued at $46,901,000 after purchasing an additional 15,408 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of L3Harris Technologies by 13.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company's stock valued at $9,230,000 after purchasing an additional 3,532 shares in the last quarter. Crystal Rock Capital Management purchased a new stake in shares of L3Harris Technologies in the third quarter valued at approximately $1,993,000. Neo Ivy Capital Management acquired a new position in L3Harris Technologies in the third quarter valued at approximately $1,203,000. Finally, Jain Global LLC lifted its holdings in L3Harris Technologies by 469.1% in the third quarter. Jain Global LLC now owns 45,861 shares of the company's stock valued at $14,006,000 after acquiring an additional 37,803 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Argus upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, February 27th. Weiss Ratings upgraded L3Harris Technologies from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 13th. Truist Financial upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Citigroup upped their price objective on L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Finally, JPMorgan Chase & Co. upped their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an "overweight" rating in a report on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $354.75.

L3Harris Technologies Trading Down 1.0%

LHX opened at $307.95 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.89 and a current ratio of 1.03. The business's 50 day moving average price is $339.90 and its 200 day moving average price is $324.93. L3Harris Technologies Inc has a one year low of $229.10 and a one year high of $379.23. The stock has a market capitalization of $57.37 billion, a PE ratio of 33.44, a P/E/G ratio of 1.57 and a beta of 0.51.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.19. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The company had revenue of $5.74 billion for the quarter, compared to analysts' expectations of $5.42 billion. During the same period in the prior year, the firm earned $2.41 earnings per share. The firm's revenue was up 11.9% compared to the same quarter last year. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.57 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, June 5th. L3Harris Technologies's dividend payout ratio (DPR) is presently 54.29%.

Insider Activity

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 transaction, the insider owned 7,660 shares of the company's stock, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Melanie Rakita sold 2,180 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total value of $676,781.00. Following the completion of the transaction, the vice president directly owned 4,192 shares in the company, valued at $1,301,406.40. This trade represents a 34.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 16,365 shares of company stock worth $5,861,117. Corporate insiders own 0.68% of the company's stock.

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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