Resona Asset Management Co. Ltd. Boosts Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in L3Harris Technologies Inc. by 10.3%, holding 60,200 shares valued at approximately $12.59 million.
• The company reported a quarterly earnings per share (EPS) of $2.78, exceeding analysts' estimates and showing a year-over-year revenue increase of 2.4%.
• L3Harris has announced a quarterly dividend of $1.20 per share, resulting in an annualized dividend of $4.80 with a yield of 1.8%.

Resona Asset Management Co. Ltd. grew its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 10.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,200 shares of the company's stock after buying an additional 5,599 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in L3Harris Technologies were worth $12,587,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of L3Harris Technologies during the first quarter worth about $299,157,000. GAMMA Investing LLC lifted its stake in shares of L3Harris Technologies by 18,295.3% in the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after purchasing an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after acquiring an additional 311,886 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of L3Harris Technologies by 60.8% during the 1st quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock worth $160,644,000 after acquiring an additional 290,269 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of L3Harris Technologies by 64.2% during the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after acquiring an additional 289,514 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Down 0.1%

Shares of L3Harris Technologies stock traded down $0.33 during trading on Friday, reaching $270.72. The company's stock had a trading volume of 1,177,990 shares, compared to its average volume of 1,439,251. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market cap of $50.65 billion, a price-to-earnings ratio of 30.25, a P/E/G ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52. The company has a 50-day simple moving average of $260.99 and a two-hundred day simple moving average of $231.70.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.24 EPS. As a group, equities analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Transactions at L3Harris Technologies

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 value of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. This represents a 21.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 147,199 shares of company stock valued at $39,045,071. 0.72% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

LHX has been the topic of several research reports. Citigroup raised their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Susquehanna raised their price objective on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Barclays raised their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Robert W. Baird raised their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada raised their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

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.