Vanguard Group Inc. Boosts Stake in L3Harris Technologies Inc $LHX

Vanguard Group Inc. lifted its position in L3Harris Technologies Inc (NYSE:LHX) by 0.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,219,851 shares of the company’s stock after purchasing an additional 49,809 shares during the quarter. Vanguard Group Inc. owned approximately 12.41% of L3Harris Technologies worth $7,091,575,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC purchased a new position in shares of L3Harris Technologies during the second quarter worth approximately $34,000. Salomon & Ludwin LLC acquired a new stake in L3Harris Technologies during the 3rd quarter worth $34,000. Rakuten Securities Inc. grew its position in L3Harris Technologies by 234.8% during the 2nd quarter. Rakuten Securities Inc. now owns 154 shares of the company’s stock worth $39,000 after purchasing an additional 108 shares during the last quarter. Steigerwald Gordon & Koch Inc. acquired a new position in L3Harris Technologies in the third quarter valued at $42,000. Finally, Copia Wealth Management raised its holdings in shares of L3Harris Technologies by 1,842.9% in the third quarter. Copia Wealth Management now owns 136 shares of the company’s stock valued at $42,000 after buying an additional 129 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Royal Bank Of Canada boosted their price target on L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a research report on Friday, January 30th. TD Cowen reiterated a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. BNP Paribas Exane upgraded L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. Citigroup increased their price target on L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, Morgan Stanley lifted their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

Insiders Place Their Bets

In related news, insider Samir Mehta sold 4,840 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total value of $1,640,034.00. Following the completion of the transaction, the insider owned 5,916 shares in the company, valued at $2,004,636.60. This trade represents a 45.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Trading Up 1.5%

LHX opened at $345.07 on Tuesday. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $369.59. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $64.45 billion, a P/E ratio of 40.45, a P/E/G ratio of 2.49 and a beta of 0.64. The firm’s 50 day moving average is $322.96 and its 200-day moving average is $297.60.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.76 billion. During the same quarter last year, the company earned $3.47 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s payout ratio is currently 56.27%.

L3Harris Technologies Company Profile

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.