UNIVEST FINANCIAL Corp Buys 13,531 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• UNIVEST FINANCIAL Corp increased its stake in L3Harris Technologies by 32.2%, owning 55,547 shares valued at approximately $11.63 million at the end of the first quarter.
• CEO Christopher E. Kubasik sold 72,000 shares for about $19.52 million, reducing his ownership by 33.09% to 145,578 shares.
• Analysts have raised L3Harris Technologies' price target, with Citigroup setting a new target of $323.00 and the average target price now at $279.47.

UNIVEST FINANCIAL Corp increased its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 32.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,547 shares of the company's stock after purchasing an additional 13,531 shares during the period. UNIVEST FINANCIAL Corp's holdings in L3Harris Technologies were worth $11,626,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Jefferies Financial Group Inc. lifted its position in shares of L3Harris Technologies by 7.6% during the 1st quarter. Jefferies Financial Group Inc. now owns 1,188 shares of the company's stock worth $249,000 after buying an additional 84 shares in the last quarter. US Bancorp DE increased its position in shares of L3Harris Technologies by 29.8% during the first quarter. US Bancorp DE now owns 338,586 shares of the company's stock valued at $70,869,000 after acquiring an additional 77,688 shares during the last quarter. Harbour Investments Inc. lifted its holdings in L3Harris Technologies by 10.5% during the first quarter. Harbour Investments Inc. now owns 1,691 shares of the company's stock worth $354,000 after acquiring an additional 160 shares during the period. Davis R M Inc. bought a new stake in L3Harris Technologies during the first quarter worth $269,000. Finally, Natixis Advisors LLC boosted its position in L3Harris Technologies by 25.7% in the first quarter. Natixis Advisors LLC now owns 267,328 shares of the company's stock worth $55,954,000 after purchasing an additional 54,672 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Price Performance

NYSE LHX traded up $3.37 during trading hours on Friday, reaching $278.19. 1,412,687 shares of the stock traded hands, compared to its average volume of 1,302,119. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a 50 day simple moving average of $255.07 and a two-hundred day simple moving average of $227.91. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.03. The company has a market cap of $52.05 billion, a price-to-earnings ratio of 31.08, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the previous year, the business posted $3.24 EPS. The business's quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts predict that L3Harris Technologies Inc will post 11.12 EPS 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 paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's payout ratio is 53.63%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Robert W. Baird lifted their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Wells Fargo & Company lowered their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and increased their target price for the company from $198.00 to $263.00 in a research report on Friday, April 11th. Citigroup increased their price target on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, L3Harris Technologies has a consensus rating of "Moderate Buy" and an average target price of $279.47.

Insider Activity

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider owned 25,325 shares of the company's stock, valued at $6,204,625. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was 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 directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,061 shares of company stock valued at $28,227,077 over the last 90 days. 0.72% of the stock is currently owned by company 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.