Tocqueville Asset Management L.P. Acquires 2,045 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Tocqueville Asset Management L.P. increased its holdings in L3Harris Technologies by 9.6%, acquiring an additional 2,045 shares during the first quarter, bringing its total shares to 23,360, valued at approximately $4.89 million.
• Insider trading showed significant activity, with CEO Christopher E. Kubasik selling 72,000 shares for over $19.5 million, representing a 33.09% decrease in his ownership.
• Equities analysts have a consensus rating of "Moderate Buy" for L3Harris Technologies, with a price target averaging around $279.47, as several firms raised their price targets recently.

Tocqueville Asset Management L.P. raised its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 9.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,360 shares of the company's stock after purchasing an additional 2,045 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in L3Harris Technologies were worth $4,890,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of LHX. Brighton Jones LLC grew its position in L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after acquiring an additional 3,001 shares during the last quarter. XTX Topco Ltd bought a new position in shares of L3Harris Technologies in the 4th quarter valued at $381,000. Jump Financial LLC boosted its holdings in shares of L3Harris Technologies by 564.2% during the 4th quarter. Jump Financial LLC now owns 10,827 shares of the company's stock valued at $2,277,000 after acquiring an additional 9,197 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of L3Harris Technologies by 0.8% during the fourth quarter. NewEdge Advisors LLC now owns 15,265 shares of the company's stock worth $3,210,000 after purchasing an additional 125 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in L3Harris Technologies by 26.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 173,139 shares of the company's stock worth $36,408,000 after buying an additional 36,247 shares during the period. Institutional investors own 84.76% of the company's stock.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the sale, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 147,199 shares of company stock worth $39,045,071. Insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. UBS Group raised their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Citigroup increased their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Royal Bank Of Canada increased their price target on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Robert W. Baird lifted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Susquehanna upped their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note 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 company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Trading Down 0.1%

NYSE LHX opened at $270.72 on Friday. The business has a 50 day moving average price of $260.99 and a 200-day moving average price of $231.70. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52. 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 (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the prior year, the business posted $3.24 earnings per share. The company's quarterly revenue was up 2.4% compared to the same quarter last year. As a group, equities analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a $1.20 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 annualized dividend and a yield of 1.8%. L3Harris Technologies's payout ratio is currently 53.63%.

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.

Want to see what other hedge funds are holding LHX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L3Harris Technologies Inc (NYSE:LHX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.