Robeco Institutional Asset Management B.V. Acquires 51,926 Shares of L3Harris Technologies Inc $LHX

Key Points

• Robeco Institutional Asset Management B.V. increased its stake in L3Harris by 37.4% in Q4, buying 51,926 shares to hold 190,926 shares worth about $56.05 million (0.10% of the company).
• Multiple analysts have raised targets (e.g., Citigroup to $418, Morgan Stanley to $390), and the stock carries a consensus rating of Moderate Buy with a $349.55 price target.
• L3Harris beat quarterly EPS estimates ($2.86 vs. $2.76) and raised its quarterly dividend to $1.25 ($5.00 annualized, a 1.4% yield), with a payout ratio around 58.6%.

Robeco Institutional Asset Management B.V. lifted its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 37.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 190,926 shares of the company's stock after acquiring an additional 51,926 shares during the period. Robeco Institutional Asset Management B.V. owned 0.10% of L3Harris Technologies worth $56,050,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in shares of L3Harris Technologies by 3.1% in the second quarter. Bank of America Corp DE now owns 1,728,519 shares of the company's stock worth $433,582,000 after acquiring an additional 52,776 shares during the period. Capital Research Global Investors boosted its stake in shares of L3Harris Technologies by 23.3% in the third quarter. Capital Research Global Investors now owns 1,657,085 shares of the company's stock worth $506,090,000 after acquiring an additional 312,846 shares during the period. AGF Management Ltd. boosted its stake in shares of L3Harris Technologies by 15.9% in the third quarter. AGF Management Ltd. now owns 1,500,887 shares of the company's stock worth $458,386,000 after acquiring an additional 205,479 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of L3Harris Technologies by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,440,599 shares of the company's stock worth $439,920,000 after acquiring an additional 35,951 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of L3Harris Technologies by 1,053.9% in the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company's stock worth $360,964,000 after acquiring an additional 1,079,474 shares during the period. Institutional investors own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

LHX has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price objective on L3Harris Technologies from $360.00 to $365.00 and gave the stock a "sector perform" rating in a research note on Friday, January 30th. Wolfe Research reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. Citigroup boosted their target price on L3Harris Technologies from $389.00 to $418.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Finally, Morgan Stanley boosted their target price on L3Harris Technologies from $367.00 to $390.00 and gave the stock an "overweight" rating in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $349.55.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the sale, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Samir Mehta sold 5,528 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the sale, the insider owned 7,756 shares in the company, valued at approximately $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 19,025 shares of company stock worth $6,824,370 over the last ninety days. Company insiders own 0.68% of the company's stock.

L3Harris Technologies Trading Up 1.2%

Shares of LHX stock opened at $357.95 on Tuesday. L3Harris Technologies Inc has a 1 year low of $208.11 and a 1 year high of $379.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The stock's 50 day simple moving average is $354.90 and its two-hundred day simple moving average is $320.31. The company has a market cap of $66.86 billion, a PE ratio of 41.96, a price-to-earnings-growth ratio of 1.79 and a beta of 0.62.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same period in the prior year, the business posted $3.47 earnings per share. The company's quarterly revenue was up 2.3% compared to the same quarter last year. Research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. The ex-dividend date was Friday, March 6th. L3Harris Technologies's dividend payout ratio (DPR) is currently 58.62%.

L3Harris Technologies 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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