L3Harris Technologies, Inc. (NYSE:LHX) Stake Lifted by Point72 Asset Management L.P.

Point72 Asset Management L.P. increased its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 282,188 shares of the company’s stock after buying an additional 3,240 shares during the quarter. Point72 Asset Management L.P. owned about 0.15% of L3Harris Technologies worth $59,339,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its stake in L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock worth $25,000 after buying an additional 82 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in L3Harris Technologies in the 4th quarter valued at approximately $26,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in L3Harris Technologies in the 4th quarter valued at approximately $27,000. Roxbury Financial LLC acquired a new stake in L3Harris Technologies in the 4th quarter valued at approximately $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in L3Harris Technologies by 336.4% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after acquiring an additional 111 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on LHX shares. Jefferies Financial Group lowered their target price on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Citigroup lowered their target price on L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and raised their target price for the company from $198.00 to $263.00 in a research report on Friday, April 11th. Morgan Stanley lowered their target price on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. lowered their price target on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $256.56.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $227.07 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $42.45 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 2.42 and a beta of 0.72. The stock’s fifty day simple moving average is $214.33 and its 200 day simple moving average is $219.63. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.29 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.06 EPS. As a group, sell-side analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 annualized dividend and a dividend yield of 2.11%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 56.94%.

Insider Transactions at L3Harris Technologies

In other news, insider Jon Rambeau sold 3,178 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the sale, the insider now owns 2,797 shares of the company’s stock, valued at $632,122. This trade represents a 53.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 1,783 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total value of $377,068.84. Following the completion of the sale, the insider now directly owns 30,620 shares of the company’s stock, valued at approximately $6,475,517.60. This trade represents a 5.50% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.

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.