Voloridge Investment Management LLC grew its position in L3Harris Technologies, Inc. (NYSE:LHX) by 121.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 288,073 shares of the company’s stock after acquiring an additional 158,055 shares during the period. Voloridge Investment Management LLC owned about 0.14% of L3Harris Technologies worth $58,387,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in LHX. Norges Bank purchased a new stake in L3Harris Technologies during the fourth quarter worth about $372,443,000. Capital International Investors lifted its holdings in shares of L3Harris Technologies by 9.1% in the first quarter. Capital International Investors now owns 8,609,701 shares of the company’s stock valued at $1,745,029,000 after purchasing an additional 716,260 shares in the last quarter. Yacktman Asset Management LP purchased a new stake in shares of L3Harris Technologies in the first quarter valued at about $137,707,000. Mondrian Investment Partners LTD purchased a new stake in shares of L3Harris Technologies in the first quarter valued at about $107,308,000. Finally, Truist Financial Corp lifted its holdings in shares of L3Harris Technologies by 233.1% in the fourth quarter. Truist Financial Corp now owns 527,705 shares of the company’s stock valued at $99,747,000 after purchasing an additional 369,299 shares in the last quarter. 79.87% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the stock. Credit Suisse Group boosted their price objective on shares of L3Harris Technologies from $200.00 to $223.00 and gave the company an “outperform” rating in a research report on Tuesday, April 13th. Wells Fargo & Company started coverage on shares of L3Harris Technologies in a research report on Tuesday, May 18th. They set an “equal weight” rating and a $225.00 price target for the company. TheStreet lowered shares of L3Harris Technologies from a “b” rating to a “c” rating in a research report on Friday, April 30th. Morgan Stanley reaffirmed a “buy” rating on shares of L3Harris Technologies in a research report on Friday, May 14th. Finally, Benchmark reaffirmed a “hold” rating on shares of L3Harris Technologies in a research report on Monday, May 3rd. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $226.23.
L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Friday, April 30th. The company reported $3.18 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.26. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.62 billion. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.01%. The firm’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.80 earnings per share. On average, equities research analysts expect that L3Harris Technologies, Inc. will post 12.99 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st were issued a $1.02 dividend. The ex-dividend date of this dividend was Friday, May 28th. This represents a $4.08 dividend on an annualized basis and a yield of 1.80%. L3Harris Technologies’s dividend payout ratio is currently 35.17%.
In other news, CEO William M. Brown sold 30,353 shares of the company’s stock in a transaction dated Wednesday, June 9th. The shares were sold at an average price of $217.94, for a total transaction of $6,615,132.82. Following the completion of the transaction, the chief executive officer now owns 426,112 shares in the company, valued at $92,866,849.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Scott T. Mikuen sold 2,826 shares of the stock in a transaction dated Friday, July 16th. The stock was sold at an average price of $225.36, for a total transaction of $636,867.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 266,281 shares of company stock valued at $58,623,228. 1.40% of the stock is currently owned by insiders.
L3Harris Technologies Profile
L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modifications, and periodic depot maintenance services for ISR and airborne missions.
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