Point72 Hong Kong Ltd Grows Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Point72 Hong Kong Ltd grew its position in shares of L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 2,666.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,821 shares of the company's stock after acquiring an additional 54,767 shares during the quarter. Point72 Hong Kong Ltd's holdings in L3Harris Technologies were worth $11,948,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of LHX. Czech National Bank boosted its position in shares of L3Harris Technologies by 6.4% during the fourth quarter. Czech National Bank now owns 41,124 shares of the company's stock valued at $8,648,000 after buying an additional 2,480 shares during the last quarter. Fiduciary Alliance LLC boosted its position in shares of L3Harris Technologies by 23.8% during the fourth quarter. Fiduciary Alliance LLC now owns 2,458 shares of the company's stock valued at $517,000 after buying an additional 473 shares during the last quarter. Brookstone Capital Management boosted its position in shares of L3Harris Technologies by 11.3% during the fourth quarter. Brookstone Capital Management now owns 3,620 shares of the company's stock valued at $761,000 after buying an additional 368 shares during the last quarter. Capital Investment Advisors LLC boosted its position in L3Harris Technologies by 13.1% in the fourth quarter. Capital Investment Advisors LLC now owns 6,211 shares of the company's stock worth $1,306,000 after purchasing an additional 718 shares during the last quarter. Finally, Claro Advisors LLC purchased a new position in L3Harris Technologies in the fourth quarter worth $241,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insiders Place Their Bets

In other news, insider Jon Rambeau sold 3,178 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the transaction, the insider now directly owns 2,797 shares in the company, valued at approximately $632,122. This represents a 53.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward J. Zoiss sold 1,783 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $211.48, for a total value of $377,068.84. Following the completion of the transaction, the insider now owns 30,620 shares of the company's stock, valued at $6,475,517.60. The trade was a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded up $3.56 during midday trading on Friday, reaching $230.42. 1,576,954 shares of the company traded hands, compared to its average volume of 1,041,058. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. L3Harris Technologies, Inc. has a 12 month low of $193.09 and a 12 month high of $265.74. The firm has a market capitalization of $43.08 billion, a price-to-earnings ratio of 29.28, a price-to-earnings-growth ratio of 2.42 and a beta of 0.72. The firm's fifty day moving average price is $214.69 and its two-hundred day moving average price is $219.35.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the company posted $3.06 EPS. The firm's revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities analysts expect that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be paid a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a yield of 2.08%. L3Harris Technologies's dividend payout ratio is currently 56.94%.

Analysts Set New Price Targets

Several research analysts have weighed in on LHX shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $240.00 price objective on shares of L3Harris Technologies in a research report on Friday, January 31st. The Goldman Sachs Group raised L3Harris Technologies from a "sell" rating to a "buy" rating and boosted their price objective for the stock from $198.00 to $263.00 in a research report on Friday, April 11th. UBS Group boosted their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research report on Monday, April 28th. Wells Fargo & Company cut their price objective on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley cut their price objective on L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Five 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 currently has an average rating of "Moderate Buy" and a consensus target price of $256.56.

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.