Viawealth LLC Makes New $363,000 Investment in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Viawealth LLC acquired a new stake in L3Harris Technologies, purchasing 1,734 shares valued at approximately $363,000 during the 1st quarter.
• Insider transactions included CEO Christopher E. Kubasik selling 33,061 shares for about $8.21 million, reducing his ownership by 18.51%.
• L3Harris Technologies reported a 2.4% increase in quarterly revenue year-over-year, with earnings per share beating estimates at $2.78.

Viawealth LLC bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,734 shares of the company's stock, valued at approximately $363,000.

Several other large investors have also recently added to or reduced their stakes in LHX. Invesco Ltd. increased its position in shares of L3Harris Technologies by 30.5% in the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after purchasing an additional 522,861 shares during the last quarter. GAMMA Investing LLC increased its position in shares of L3Harris Technologies by 18,295.3% in the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after purchasing an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of L3Harris Technologies by 15.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after purchasing an additional 311,886 shares during the last quarter. Deutsche Bank AG increased its position in shares of L3Harris Technologies by 64.2% in the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock valued at $155,691,000 after purchasing an additional 289,514 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of L3Harris Technologies in the 4th quarter valued at approximately $53,011,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on LHX shares. Citigroup increased their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday. Truist Financial increased their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday. Barclays increased their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday. UBS Group raised their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Stock Up 1.0%

Shares of L3Harris Technologies stock traded up $2.58 on Tuesday, reaching $272.05. 931,001 shares of the company were exchanged, compared to its average volume of 1,263,304. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.03. The company has a 50-day moving average of $252.73 and a 200 day moving average of $226.63. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $50.90 billion, a price-to-earnings ratio of 30.40, a PEG ratio of 2.10 and a beta of 0.75.

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, beating 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 analysts' expectations of $5.31 billion. During the same period in the previous year, the firm earned $3.24 EPS. The company's quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.76%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Insider Activity

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred 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 sale, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the transaction, the chief executive officer directly owned 145,572 shares in the company, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% of the company's stock.

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.