Graham Capital Management L.P. Invests $1.95 Million in L3Harris Technologies, Inc. (NYSE:LHX)

Graham Capital Management L.P. bought a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,258 shares of the company’s stock, valued at approximately $1,947,000.

Other hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in L3Harris Technologies in the fourth quarter valued at approximately $398,507,000. Invesco Ltd. boosted its position in L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after buying an additional 522,861 shares in the last quarter. Vanguard Group Inc. boosted its position in L3Harris Technologies by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock valued at $4,895,534,000 after buying an additional 401,168 shares in the last quarter. Deutsche Bank AG boosted its position in L3Harris Technologies by 64.2% in the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock valued at $155,691,000 after buying an additional 289,514 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in L3Harris Technologies in the fourth quarter valued at approximately $53,011,000. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $219.15 on Monday. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74. The stock’s 50 day moving average is $213.93 and its 200-day moving average is $220.02. 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 firm has a market capitalization of $40.97 billion, a price-to-earnings ratio of 27.85, a PEG ratio of 2.42 and a beta of 0.72.

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

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 annualized dividend and a dividend yield of 2.19%. L3Harris Technologies’s payout ratio is 56.94%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on LHX shares. Wells Fargo & Company cut 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. Citigroup cut their target price on shares of L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. cut their target price on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Truist Financial cut their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $240.00 price target on shares of L3Harris Technologies in a report on Friday, January 31st. Five 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 currently has a consensus rating of “Moderate Buy” and a consensus 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.