New World Advisors LLC Buys 725 Shares of L3Harris Technologies Inc (NYSE:LHX)

New World Advisors LLC lifted its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 47.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,245 shares of the company’s stock after acquiring an additional 725 shares during the quarter. New World Advisors LLC’s holdings in L3Harris Technologies were worth $470,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its position in shares of L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock worth $25,000 after purchasing an additional 82 shares during the period. Millstone Evans Group LLC purchased a new position in shares of L3Harris Technologies during the 4th quarter valued at $26,000. Bradley & Co. Private Wealth Management LLC bought a new position in L3Harris Technologies in the 4th quarter worth $27,000. Beacon Capital Management LLC increased its stake in L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its stake 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 worth $30,000 after buying an additional 111 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the sale, the chief executive officer now directly owns 145,572 shares of the company’s stock, valued at approximately $36,171,730.56. This trade represents a 18.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider now directly owns 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group dropped their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Citigroup upped their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. The Goldman Sachs Group raised shares of L3Harris Technologies from a “sell” rating to a “buy” rating and increased their price objective for the company from $198.00 to $263.00 in a report on Friday, April 11th. Wells Fargo & Company lowered their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Truist Financial dropped their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.75.

L3Harris Technologies Trading Up 0.6%

Shares of NYSE LHX opened at $248.20 on Thursday. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $265.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The business’s 50 day moving average is $233.22 and its two-hundred day moving average is $218.86. The stock has a market capitalization of $46.40 billion, a P/E ratio of 29.44, a PEG ratio of 1.97 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.06 EPS. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.93%. L3Harris Technologies’s dividend payout ratio is presently 56.94%.

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.