Summit X LLC Invests $241,000 in L3Harris Technologies Inc (NYSE:LHX)

Summit X LLC purchased a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,153 shares of the company's stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors have also made changes to their positions in LHX. Brighton Jones LLC raised its stake in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after buying an additional 3,001 shares during the last quarter. Cibc World Markets Corp increased its position in L3Harris Technologies by 16.3% during the 4th quarter. Cibc World Markets Corp now owns 29,960 shares of the company's stock worth $6,300,000 after purchasing an additional 4,194 shares in the last quarter. PDS Planning Inc increased its position in L3Harris Technologies by 5.8% during the 4th quarter. PDS Planning Inc now owns 1,100 shares of the company's stock worth $231,000 after purchasing an additional 60 shares in the last quarter. Advisors Asset Management Inc. increased its position in L3Harris Technologies by 22.5% during the 4th quarter. Advisors Asset Management Inc. now owns 30,479 shares of the company's stock worth $6,409,000 after purchasing an additional 5,606 shares in the last quarter. Finally, Horizon Investments LLC increased its position in L3Harris Technologies by 2.3% during the 4th quarter. Horizon Investments LLC now owns 4,208 shares of the company's stock worth $885,000 after purchasing an additional 94 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded up $2.03 during trading on Thursday, hitting $265.69. The stock had a trading volume of 1,469,398 shares, compared to its average volume of 1,162,121. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The firm has a market cap of $49.67 billion, a P/E ratio of 31.52, a PEG ratio of 2.05 and a beta of 0.75. The business has a fifty day moving average of $244.78 and a two-hundred day moving average of $222.76. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $266.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The business had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the business posted $3.06 earnings per share. L3Harris Technologies's revenue was down 1.5% compared to the same quarter last year. On average, sell-side analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders 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 1.81%. L3Harris Technologies's dividend payout ratio is 56.94%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Jefferies Financial Group lowered their price target on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a report on Monday, March 31st. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Finally, Citigroup restated a "buy" rating and issued a $300.00 price target (up previously from $280.00) on shares of L3Harris Technologies in a report on Monday. Five 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, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average target price of $263.81.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the sale, the chief executive officer directly owned 145,572 shares of the company's stock, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the 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 sale, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

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.