UBS Group AG Purchases 30,008 Shares of L3Harris Technologies Inc $LHX

Key Points

• UBS Group AG raised its stake in L3Harris by 2.9% in Q4, buying 30,008 shares to hold 1,076,714 shares worth about $316.1 million (0.58% ownership).
• L3Harris beat Q4 EPS estimates ($2.86 vs. $2.76) while revenue slightly missed ($5.65B vs. $5.76B) and announced a quarterly dividend of $1.25 (annualized $5.00, yield ~1.6%, ex-dividend June 5).
• Analysts are generally positive with a consensus rating of "Moderate Buy" and a $349.55 average price target, and institutional investors own roughly 84.8% of the stock.

UBS Group AG lifted its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,076,714 shares of the company's stock after acquiring an additional 30,008 shares during the quarter. UBS Group AG owned 0.58% of L3Harris Technologies worth $316,091,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Corp bought a new stake in L3Harris Technologies during the 3rd quarter valued at about $10,667,000. Merit Financial Group LLC lifted its holdings in L3Harris Technologies by 55.9% during the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company's stock valued at $3,051,000 after buying an additional 3,583 shares in the last quarter. Korea Investment CORP lifted its holdings in L3Harris Technologies by 11.2% during the 3rd quarter. Korea Investment CORP now owns 153,567 shares of the company's stock valued at $46,901,000 after buying an additional 15,408 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in L3Harris Technologies by 13.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company's stock valued at $9,230,000 after buying an additional 3,532 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in L3Harris Technologies by 32.6% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company's stock valued at $6,513,000 after buying an additional 5,239 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Up 1.0%

NYSE:LHX opened at $320.54 on Tuesday. L3Harris Technologies Inc has a one year low of $214.10 and a one year 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. The firm has a market cap of $59.87 billion, a P/E ratio of 37.58, a P/E/G ratio of 1.60 and a beta of 0.62. The firm has a 50-day simple moving average of $353.99 and a 200-day simple moving average of $323.14.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the previous year, the business posted $3.47 EPS. The company's quarterly revenue was up 2.3% compared to the same quarter last year. Equities analysts anticipate that L3Harris Technologies Inc will post 11.53 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $1.25 dividend. The ex-dividend date is Friday, June 5th. This represents a $5.00 annualized dividend and a dividend yield of 1.6%. L3Harris Technologies's payout ratio is currently 58.62%.

Insider Activity

In other news, insider Jon Rambeau sold 5,528 shares of the business's stock in a transaction dated 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 completion of the sale, the insider owned 7,660 shares in the company, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the insider directly owned 7,756 shares in the company, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 19,025 shares of company stock worth $6,824,370. 0.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Susquehanna reiterated a "positive" rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Weiss Ratings upgraded shares of L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, December 29th. Royal Bank Of Canada lifted their price objective on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a "sector perform" rating in a report on Friday, January 30th. Finally, Wolfe Research reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus price target of $349.55.

About L3Harris Technologies

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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