Leavell Investment Management Inc. Grows Stock Holdings in L3Harris Technologies Inc $LHX

Leavell Investment Management Inc. lifted its position in L3Harris Technologies Inc (NYSE:LHX) by 7.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,285 shares of the company’s stock after purchasing an additional 542 shares during the quarter. Leavell Investment Management Inc.’s holdings in L3Harris Technologies were worth $2,078,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Nuveen LLC purchased a new stake in L3Harris Technologies in the first quarter worth approximately $299,157,000. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of L3Harris Technologies by 946.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company’s stock valued at $164,297,000 after purchasing an additional 709,948 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company’s stock valued at $1,074,208,000 after purchasing an additional 557,610 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in L3Harris Technologies by 15.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock worth $486,898,000 after purchasing an additional 311,886 shares during the period. Finally, Appaloosa LP purchased a new position in L3Harris Technologies in the 1st quarter worth $62,793,000. 84.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the sale, the chief executive officer directly owned 145,578 shares of the company’s stock, valued at $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 195,138 shares of company stock worth $53,571,774 in the last 90 days. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LHX shares. Morgan Stanley raised their price objective on L3Harris Technologies from $250.00 to $350.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Royal Bank Of Canada boosted their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the company a “sector perform” rating in a research report on Friday, July 25th. Barclays increased their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. Citigroup lifted their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus price target of $287.63.

L3Harris Technologies Trading Down 0.0%

Shares of LHX opened at $293.22 on Friday. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $308.12. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average price is $285.35 and its 200-day moving average price is $258.81. The firm has a market capitalization of $54.86 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.14 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the prior year, the firm earned $3.24 earnings per share. L3Harris Technologies’s revenue was up 2.4% on a year-over-year basis. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Monday, November 17th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 53.63%.

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.