Envestnet Asset Management Inc. Acquires 112,002 Shares of L3Harris Technologies Inc $LHX

Envestnet Asset Management Inc. grew its holdings in L3Harris Technologies Inc (NYSE:LHX) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,374,242 shares of the company’s stock after purchasing an additional 112,002 shares during the period. Envestnet Asset Management Inc. owned approximately 0.73% of L3Harris Technologies worth $344,715,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of LHX. Price T Rowe Associates Inc. MD increased its stake in L3Harris Technologies by 1.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company’s stock worth $2,058,151,000 after acquiring an additional 181,550 shares during the last quarter. Wellington Management Group LLP boosted its position 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 acquiring an additional 557,610 shares during the last quarter. Invesco Ltd. boosted its position in shares of L3Harris Technologies by 5.0% during the 1st quarter. Invesco Ltd. now owns 2,347,348 shares of the company’s stock valued at $491,323,000 after acquiring an additional 112,271 shares during the last quarter. Nuveen LLC bought a new stake in shares of L3Harris Technologies during the 1st quarter valued at about $299,157,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of L3Harris Technologies by 1.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,229,374 shares of the company’s stock valued at $257,320,000 after acquiring an additional 19,267 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on LHX. Royal Bank Of Canada increased their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a “sector perform” rating in a report on Friday, July 25th. Citigroup raised their price target on L3Harris Technologies from $300.00 to $323.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a report on Wednesday, October 8th. UBS Group upped their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the stock a “neutral” rating in a report on Friday, July 25th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of L3Harris Technologies in a report on Saturday. Thirteen equities 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 Stock Performance

L3Harris Technologies stock opened at $293.22 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $54.86 billion, a PE ratio of 32.76, a P/E/G ratio of 2.14 and a beta of 0.76. The firm has a fifty day simple moving average of $285.35 and a two-hundred day simple moving average of $259.12. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $308.12.

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

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 1.6%. L3Harris Technologies’s payout ratio is currently 53.63%.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the sale, the chief executive officer owned 145,578 shares of the company’s stock, valued at $40,747,282.20. This represents a 36.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 195,138 shares of company stock valued at $53,571,774 over the last ninety days. Insiders own 0.72% of the company’s stock.

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.