Raymond James & Associates Boosts Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Raymond James & Associates lifted its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 3.3% during the first quarter, HoldingsChannel reports. The firm owned 944,127 shares of the company’s stock after purchasing an additional 30,479 shares during the quarter. Raymond James & Associates’ holdings in L3Harris Technologies were worth $201,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LHX. Cross Staff Investments Inc grew its stake in shares of L3Harris Technologies by 12.4% during the 4th quarter. Cross Staff Investments Inc now owns 1,432 shares of the company’s stock worth $302,000 after acquiring an additional 158 shares during the period. Sapient Capital LLC bought a new position in L3Harris Technologies during the fourth quarter worth about $1,198,000. Bruce G. Allen Investments LLC purchased a new position in shares of L3Harris Technologies in the fourth quarter worth about $46,000. Ceredex Value Advisors LLC raised its position in shares of L3Harris Technologies by 14.1% in the third quarter. Ceredex Value Advisors LLC now owns 673,757 shares of the company’s stock valued at $117,315,000 after purchasing an additional 83,319 shares during the period. Finally, BKM Wealth Management LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter valued at approximately $1,125,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

Shares of NYSE:LHX traded up $7.18 during trading on Friday, reaching $214.54. The company had a trading volume of 2,133,539 shares, compared to its average volume of 1,010,338. The company has a fifty day moving average of $210.16 and a two-hundred day moving average of $201.28. The company has a current ratio of 1.01, a quick ratio of 0.82 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $40.79 billion, a P/E ratio of 34.83, a price-to-earnings-growth ratio of 1.93 and a beta of 0.65. L3Harris Technologies, Inc. has a 12 month low of $160.25 and a 12 month high of $218.34.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The company had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.11 billion. During the same period in the previous year, the business earned $2.86 earnings per share. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. Equities research analysts forecast that L3Harris Technologies, Inc. will post 12.73 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, May 31st. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Alembic Global Advisors upgraded L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price target for the company in a research report on Monday, April 22nd. Raymond James increased their price objective on L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Royal Bank of Canada upped their price target on L3Harris Technologies from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Finally, StockNews.com lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $229.60.

Insider Buying and Selling

In related news, SVP Scott T. Mikuen sold 1,292 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $211.14, for a total transaction of $272,792.88. Following the transaction, the senior vice president now directly owns 58,617 shares in the company, valued at approximately $12,376,393.38. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Scott T. Mikuen sold 1,292 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $211.14, for a total transaction of $272,792.88. Following the completion of the sale, the senior vice president now directly owns 58,617 shares in the company, valued at approximately $12,376,393.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Swanson purchased 1,250 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was purchased at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the acquisition, the director now owns 1,543 shares in the company, valued at $332,285.05. The disclosure for this purchase can be found here. Insiders have sold a total of 48,362 shares of company stock worth $10,261,360 in the last 90 days. 0.82% of the stock is owned by company 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.