L3Harris Technologies, Inc. (NYSE:LHX) Shares Bought by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. grew its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 1.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,519 shares of the company’s stock after acquiring an additional 281 shares during the period. Covington Investment Advisors Inc.’s holdings in L3Harris Technologies were worth $6,784,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. KCM Investment Advisors LLC grew its stake in L3Harris Technologies by 43.8% during the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock worth $4,584,000 after purchasing an additional 5,868 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of L3Harris Technologies by 17.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after buying an additional 6,634 shares during the period. Creative Planning grew its position in shares of L3Harris Technologies by 1.2% during the third quarter. Creative Planning now owns 41,588 shares of the company’s stock worth $9,893,000 after buying an additional 512 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of L3Harris Technologies during the second quarter worth approximately $210,886,000. Finally, Janney Montgomery Scott LLC acquired a new stake in L3Harris Technologies in the third quarter valued at approximately $35,904,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This trade represents a 18.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 8,964 shares of company stock worth $2,179,119. Company insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of recent analyst reports. Barclays increased their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Truist Financial boosted their target price on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and an average price target of $269.67.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $240.64 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average price of $245.04 and a 200 day moving average price of $233.54. L3Harris Technologies, Inc. has a 52 week low of $187.37 and a 52 week high of $265.74. The company has a market cap of $45.64 billion, a P/E ratio of 38.02, a PEG ratio of 2.07 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating 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 quarter last year, the company earned $3.19 earnings per share. L3Harris Technologies’s quarterly revenue was up 7.7% compared to the same quarter last year. Research analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 1.93%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

About L3Harris Technologies

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.