L3Harris Technologies Inc $LHX Stock Position Boosted by Intech Investment Management LLC

Intech Investment Management LLC grew its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 298.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,906 shares of the company’s stock after buying an additional 19,410 shares during the quarter. Intech Investment Management LLC’s holdings in L3Harris Technologies were worth $7,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in L3Harris Technologies by 52.3% during the second quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock worth $1,032,716,000 after purchasing an additional 1,413,833 shares in the last quarter. AGF Management Ltd. bought a new stake in shares of L3Harris Technologies in the 2nd quarter worth $324,940,000. Boston Partners lifted its holdings in shares of L3Harris Technologies by 72.1% in the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after buying an additional 838,546 shares during the period. Balyasny Asset Management L.P. grew its holdings in L3Harris Technologies by 8,284.6% during the second quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after acquiring an additional 766,075 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in L3Harris Technologies by 155.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock worth $155,107,000 after acquiring an additional 376,499 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LHX. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Vertical Research restated a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a report on Tuesday, January 13th. BNP Paribas Exane raised L3Harris Technologies to a “hold” rating in a report on Tuesday, November 18th. Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. increased their price target on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

Insider Activity at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the firm’s 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 completion of the sale, the insider directly owned 5,916 shares in the company, valued at approximately $2,004,636.60. This trade represents a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

L3Harris Technologies Price Performance

LHX opened at $364.50 on Friday. The firm has a market capitalization of $68.08 billion, a P/E ratio of 42.73, a PEG ratio of 2.56 and a beta of 0.64. The stock has a fifty day moving average of $335.43 and a 200-day moving average of $302.20. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a 12-month low of $195.72 and a 12-month high of $369.59.

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

L3Harris Technologies Increases Dividend

The firm also recently announced 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. The ex-dividend date is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend 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.