Public Sector Pension Investment Board Buys 1,706 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• The Public Sector Pension Investment Board increased its holdings in L3Harris Technologies Inc by 7.2%, purchasing an additional 1,706 shares, bringing their total to 25,435 shares valued at approximately $5.32 million.
• L3Harris reported better-than-expected earnings for the last quarter, with an EPS of $2.78, surpassing analysts' estimates of $2.48, and revenues of $5.43 billion.
• The company will pay a quarterly dividend of $1.20 per share on September 22nd, which results in an annualized yield of 1.8% and a payout ratio of 53.63%.

Public Sector Pension Investment Board increased its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,435 shares of the company's stock after purchasing an additional 1,706 shares during the quarter. Public Sector Pension Investment Board's holdings in L3Harris Technologies were worth $5,324,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Transce3nd LLC raised its position in L3Harris Technologies by 7.9% in the 1st quarter. Transce3nd LLC now owns 652 shares of the company's stock worth $137,000 after purchasing an additional 48 shares during the period. Koshinski Asset Management Inc. raised its position in L3Harris Technologies by 3.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock worth $353,000 after purchasing an additional 50 shares during the period. Cobblestone Capital Advisors LLC NY raised its position in L3Harris Technologies by 2.2% in the 1st quarter. Cobblestone Capital Advisors LLC NY now owns 2,404 shares of the company's stock worth $503,000 after purchasing an additional 51 shares during the period. CWC Advisors LLC. raised 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 worth $546,000 after purchasing an additional 53 shares during the period. Finally, Callan Capital LLC raised its position in L3Harris Technologies by 5.0% in the 1st quarter. Callan Capital LLC now owns 1,107 shares of the company's stock worth $232,000 after purchasing an additional 53 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 0.1%

NYSE LHX opened at $270.72 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The company has a market capitalization of $50.65 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 1.98 and a beta of 0.77. The company's 50-day simple moving average is $260.99 and its two-hundred day simple moving average is $231.70. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The company had revenue of $5.43 billion during 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% on a year-over-year basis. During the same period last year, the business earned $3.24 EPS. Equities analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies 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 completion of the sale, the insider directly owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 147,199 shares of company stock valued at $39,045,071. Company insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

LHX has been the topic of a number of analyst reports. Barclays lifted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Truist Financial boosted their price objective on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Robert W. Baird boosted their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Susquehanna boosted their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Finally, Wall Street Zen cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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