Reliant Investment Management LLC Makes New Investment in L3Harris Technologies Inc $LHX

Reliant Investment Management LLC bought a new stake in L3Harris Technologies Inc (NYSE:LHX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 18,620 shares of the company’s stock, valued at approximately $5,466,000. L3Harris Technologies comprises 2.2% of Reliant Investment Management LLC’s investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors have also modified their holdings of LHX. State Street Corp lifted its holdings in shares of L3Harris Technologies by 1.2% during the second quarter. State Street Corp now owns 8,874,482 shares of the company’s stock worth $2,226,075,000 after purchasing an additional 105,402 shares during the period. Bank of America Corp DE increased its stake in L3Harris Technologies by 3.1% in the 2nd quarter. Bank of America Corp DE now owns 1,728,519 shares of the company’s stock valued at $433,582,000 after buying an additional 52,776 shares during the period. Capital Research Global Investors increased its stake in L3Harris Technologies by 23.3% in the 3rd quarter. Capital Research Global Investors now owns 1,657,085 shares of the company’s stock valued at $506,090,000 after buying an additional 312,846 shares during the period. AGF Management Ltd. raised its position in L3Harris Technologies by 15.9% during the 3rd quarter. AGF Management Ltd. now owns 1,500,887 shares of the company’s stock worth $458,386,000 after buying an additional 205,479 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of L3Harris Technologies by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,440,599 shares of the company’s stock worth $439,920,000 after acquiring an additional 35,951 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $356.78 on Friday. 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 one year low of $195.72 and a one year high of $379.23. The firm has a market capitalization of $66.64 billion, a P/E ratio of 41.83, a PEG ratio of 2.57 and a beta of 0.62. The company’s fifty day moving average is $354.30 and its two-hundred day moving average is $317.00.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.76 by $0.10. The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $3.47 earnings per share. Analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Friday, March 6th. L3Harris Technologies’s dividend payout ratio is 58.62%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LHX. Truist Financial set a $364.00 target price on shares of L3Harris Technologies in a report on Wednesday, January 14th. Vertical Research reissued a “buy” rating and set a $355.00 price target on shares of L3Harris Technologies in a report on Tuesday, January 13th. Wall Street Zen downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. Finally, Morgan Stanley increased their target price on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $334.62.

Insider Activity

In other news, VP Melanie Rakita sold 751 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $278,110.32. Following the sale, the vice president owned 4,131 shares of the company’s stock, valued at $1,529,791.92. The trade was a 15.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider owned 7,660 shares in the company, valued at approximately $2,836,651.20. This represents a 41.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 19,025 shares of company stock worth $6,824,370. Company insiders own 0.72% of the company’s stock.

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.