Third View Private Wealth LLC Takes $2.98 Million Position in L3Harris Technologies Inc $LHX

Key Points

• Third View Private Wealth LLC opened a new Q4 stake in L3Harris (NYSE:LHX), buying 10,166 shares worth approximately $2.98 million.
• About 84.76% of L3Harris is owned by institutional investors, with major managers—Bank of America, Capital Research, AGF, Dimensional and Victory Capital—recently increasing their holdings (Victory Capital grew its stake by 1,053.9% to 1,181,900 shares).
• L3Harris beat Q4 EPS estimates ($2.86 vs. $2.76) despite slightly weaker revenue, raised its quarterly dividend to $1.25 (annualized $5.00, ~1.4% yield), and holds a consensus analyst rating of “Moderate Buy” with a $349.55 price target.

Third View Private Wealth LLC purchased a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 10,166 shares of the company's stock, valued at approximately $2,984,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of America Corp DE grew its position 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 valued at $433,582,000 after purchasing an additional 52,776 shares during the last quarter. Capital Research Global Investors grew its position 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 valued at $506,090,000 after purchasing an additional 312,846 shares during the last quarter. AGF Management Ltd. grew its position 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 valued at $458,386,000 after purchasing an additional 205,479 shares during the last quarter. Dimensional Fund Advisors LP grew its position 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 valued at $439,920,000 after purchasing an additional 35,951 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position 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 valued at $360,964,000 after purchasing an additional 1,079,474 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Price Performance

NYSE:LHX opened at $357.95 on Tuesday. The company has a 50-day moving average of $354.90 and a 200-day moving average of $320.31. The company has a market capitalization of $66.86 billion, a price-to-earnings ratio of 41.96, a PEG ratio of 1.79 and a beta of 0.62. L3Harris Technologies Inc has a 52 week low of $208.11 and a 52 week high of $379.23. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts' consensus estimates of $2.76 by $0.10. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $3.47 EPS. As a group, equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal 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 issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. L3Harris Technologies's dividend payout ratio (DPR) is presently 58.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LHX shares. Truist Financial set a $364.00 price target on L3Harris Technologies in a research report on Wednesday, January 14th. Citigroup raised their price target on L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Susquehanna reaffirmed a "positive" rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. UBS Group increased their target price on shares of L3Harris Technologies to $323.00 and gave the company a "neutral" rating in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada increased their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, L3Harris Technologies currently has a consensus 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 Samir Mehta sold 5,528 shares of L3Harris Technologies 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 7,756 shares of the company's stock, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Melanie Rakita sold 751 shares of L3Harris Technologies 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 $278,110.32. Following the sale, the vice president directly owned 4,131 shares in the company, valued at $1,529,791.92. The trade was a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by corporate insiders.

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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