L3Harris Technologies Inc (NYSE:LHX) Position Boosted by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 226.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,530 shares of the company's stock after purchasing an additional 25,340 shares during the period. Teacher Retirement System of Texas' holdings in L3Harris Technologies were worth $7,646,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock worth $4,895,534,000 after acquiring an additional 401,168 shares during the last quarter. Geode Capital Management LLC raised its position in L3Harris Technologies by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock worth $1,004,418,000 after acquiring an additional 53,787 shares during the last quarter. Allspring Global Investments Holdings LLC raised 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 worth $486,898,000 after acquiring an additional 311,886 shares during the last quarter. FMR LLC raised its position in L3Harris Technologies by 11.5% during the fourth quarter. FMR LLC now owns 2,261,999 shares of the company's stock worth $475,653,000 after acquiring an additional 233,968 shares during the last quarter. Finally, Invesco Ltd. raised its position in L3Harris Technologies by 30.5% during the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock worth $469,992,000 after acquiring an additional 522,861 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

LHX has been the subject of a number of research reports. Wells Fargo & Company cut their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Citigroup upped their price target on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Truist Financial dropped their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Jefferies Financial Group dropped their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, UBS Group upped their price target on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $258.75.

L3Harris Technologies Stock Up 0.4%

Shares of LHX stock traded up $0.91 on Monday, hitting $256.64. The stock had a trading volume of 1,263,187 shares, compared to its average volume of 1,152,082. The firm has a market capitalization of $47.98 billion, a price-to-earnings ratio of 20.52, a P/E/G ratio of 2.04 and a beta of 0.75. The stock's 50 day moving average is $238.25 and its 200-day moving average is $220.27. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $265.74.

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

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were issued a dividend of $1.20 per share. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.87%. L3Harris Technologies's dividend payout ratio (DPR) is 56.94%.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the sale, the chief executive officer owned 145,572 shares of the company's stock, valued at $36,171,730.56. This trade represents a 18.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

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.