Horizon Kinetics Asset Management LLC Raises Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Horizon Kinetics Asset Management LLC lifted its position in L3Harris Technologies, Inc. (NYSE:LHX) by 70.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,605 shares of the company’s stock after purchasing an additional 6,861 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in L3Harris Technologies were worth $3,950,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its holdings 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 worth $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp increased its position in shares of L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after purchasing an additional 43 shares during the last quarter. EntryPoint Capital LLC raised its holdings in L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after buying an additional 69 shares during the period. Kennebec Savings Bank purchased a new position in L3Harris Technologies during 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 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after acquiring an additional 80 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of research analyst reports. Barclays boosted their target price on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada increased their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Citigroup raised their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Finally, Truist Financial raised their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $267.50.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 18.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 8,964 shares of company stock valued at $2,179,119. 0.87% of the stock is owned by corporate insiders.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $246.21 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The company has a fifty day simple moving average of $244.86 and a 200-day simple moving average of $233.39. The stock has a market cap of $46.70 billion, a P/E ratio of 39.20, a price-to-earnings-growth ratio of 2.07 and a beta of 0.72. L3Harris Technologies, Inc. has a 12-month low of $187.37 and a 12-month high of $265.74.

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

L3Harris Technologies Announces Dividend

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

L3Harris Technologies Company 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.