Advisors Asset Management Inc. Grows Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Advisors Asset Management Inc. increased its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 33.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,873 shares of the company’s stock after buying an additional 6,174 shares during the quarter. Advisors Asset Management Inc.’s holdings in L3Harris Technologies were worth $5,917,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after acquiring an additional 86 shares during the period. Archer Investment Corp lifted its position in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares in the last quarter. EntryPoint Capital LLC grew its holdings in L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after purchasing an additional 69 shares during the period. Kennebec Savings Bank purchased a new stake in L3Harris Technologies in the third quarter worth about $36,000. Finally, Versant Capital Management Inc raised its stake in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after buying an additional 80 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LHX shares. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Royal Bank of Canada raised their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Barclays upped their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Truist Financial raised their price target on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company upped their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $267.50.

Insider Buying and Selling

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the transaction, the insider now directly owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 8,964 shares of company stock valued at $2,179,119 in the last 90 days. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Stock Performance

NYSE LHX opened at $246.60 on Friday. The business’s 50 day moving average price is $244.49 and its 200-day moving average price is $232.91. L3Harris Technologies, Inc. has a fifty-two week low of $185.98 and a fifty-two week high of $265.74. The company has a market cap of $46.77 billion, a P/E ratio of 38.96, a P/E/G ratio of 2.03 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the business earned $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s payout ratio is presently 73.30%.

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.