Olstein Capital Management L.P. Increases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Olstein Capital Management L.P. increased its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 30.4% during the first quarter, Holdings Channel reports. The institutional investor owned 36,500 shares of the company’s stock after buying an additional 8,500 shares during the quarter. L3Harris Technologies comprises about 1.4% of Olstein Capital Management L.P.’s portfolio, making the stock its 26th largest holding. Olstein Capital Management L.P.’s holdings in L3Harris Technologies were worth $7,640,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its holdings 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 acquiring an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter worth $26,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of L3Harris Technologies during the fourth quarter worth $27,000. Roxbury Financial LLC purchased a new position in L3Harris Technologies in the fourth quarter valued at $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after buying an additional 111 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Buying and Selling

In other news, 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 transaction of $490,000.00. Following the transaction, the insider now directly owns 25,325 shares of the company’s stock, valued at $6,204,625. This represents a 7.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $244.31 on Monday. L3Harris Technologies, Inc. has a one year low of $193.09 and a one year high of $265.74. The stock has a market capitalization of $45.67 billion, a price-to-earnings ratio of 31.04, a PEG ratio of 2.42 and a beta of 0.74. The company has a 50-day simple moving average of $223.54 and a 200-day simple moving average of $217.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) 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 analysts’ expectations of $5.29 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.06 EPS. On average, analysts predict that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be paid a $1.20 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $4.80 annualized dividend and a yield of 1.96%. L3Harris Technologies’s dividend payout ratio is currently 56.94%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LHX. Jefferies Financial Group lowered their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Monday, March 31st. The Goldman Sachs Group raised L3Harris Technologies from a “sell” rating to a “buy” rating and upped their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Citigroup cut their price objective on shares of L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Truist Financial lowered their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a report on Friday, April 25th. Finally, Wells Fargo & Company dropped their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $256.56.

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.