Potomac Fund Management Inc. ADV Purchases 1,037 Shares of L3Harris Technologies Inc $LHX

Key Points

• Potomac Fund Management Inc. ADV increased its stake in L3Harris Technologies by 15.1%, acquiring an additional 1,037 shares, bringing their total ownership to 7,891 shares, valued at approximately $1.69 million.
• Equity analysts have upgraded L3Harris Technologies’ target price, with UBS and Royal Bank Of Canada raising it to $280, while Truist Financial set a buy rating with a target of $302.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, which translates to an annualized dividend of $4.80 and a dividend yield of 1.7%.

Potomac Fund Management Inc. ADV increased its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,891 shares of the company's stock after purchasing an additional 1,037 shares during the period. L3Harris Technologies makes up 1.7% of Potomac Fund Management Inc. ADV's investment portfolio, making the stock its 14th largest holding. Potomac Fund Management Inc. ADV's holdings in L3Harris Technologies were worth $1,690,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of L3Harris Technologies by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company's stock worth $2,058,151,000 after purchasing an additional 181,550 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of L3Harris Technologies by 12.2% during the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after acquiring an additional 557,610 shares during the last quarter. Invesco Ltd. lifted its position in L3Harris Technologies by 5.0% during the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock valued at $491,323,000 after purchasing an additional 112,271 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after purchasing an additional 311,886 shares during the last quarter. Finally, Northern Trust Corp lifted its position in L3Harris Technologies by 7.7% during the fourth quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock valued at $342,975,000 after purchasing an additional 116,266 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LHX shares. UBS Group increased their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Royal Bank Of Canada lifted their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Susquehanna lifted their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Finally, Truist Financial boosted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

Insider Activity

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the company'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 value of $490,000.00. Following the transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. This represents a 7.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 40,138 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the sale, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,236,182.56. This represents a 21.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,199 shares of company stock worth $39,045,071. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $275.3280 on Monday. 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 stock has a fifty day moving average price of $263.52 and a 200 day moving average price of $234.08. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52. The company has a market cap of $51.51 billion, a PE ratio of 30.76, a P/E/G ratio of 2.02 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.30. The business had revenue of $5.43 billion during 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 business's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is presently 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.

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