Waratah Capital Advisors Ltd. Takes $2.17 Million Position in L3Harris Technologies Inc $LHX

Waratah Capital Advisors Ltd. bought a new stake in L3Harris Technologies Inc (NYSE:LHX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,114 shares of the company’s stock, valued at approximately $2,173,000.

Several other large investors have also recently bought and sold shares of LHX. First Horizon Corp bought a new position in L3Harris Technologies during the third quarter worth about $10,667,000. Merit Financial Group LLC raised its stake in L3Harris Technologies by 55.9% in the third 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 during the period. Oregon Public Employees Retirement Fund lifted its position in shares of L3Harris Technologies by 32.6% in the third 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 worth $9,230,000 after acquiring an additional 3,532 shares during the period. Finally, Crystal Rock Capital Management bought a new stake in L3Harris Technologies in the 3rd quarter valued at $1,993,000. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $354.47 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies Inc has a fifty-two week low of $195.72 and a fifty-two week high of $369.59. The company has a market cap of $66.21 billion, a price-to-earnings ratio of 41.56, a PEG ratio of 2.56 and a beta of 0.64. The stock has a fifty day moving average price of $331.19 and a 200-day moving average price of $300.89.

L3Harris Technologies (NYSE:LHX) last issued 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 company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the prior year, the firm posted $3.47 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 56.27%.

Insider Transactions at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the sale, the insider directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

LHX has been the topic of several research reports. Morgan Stanley upped their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. JPMorgan Chase & Co. increased their price target on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Wall Street Zen cut L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, BNP Paribas Exane raised L3Harris Technologies to a “hold” rating in a research report on Tuesday, November 18th. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

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.