American Trust Invests $217,000 in L3Harris Technologies, Inc. (NYSE:LHX)

American Trust bought a new stake in L3Harris Technologies, Inc. (NYSE:LHX) in the 2nd quarter, Holdings Channel.com reports. The fund bought 968 shares of the company’s stock, valued at approximately $217,000.

Several other large investors have also recently added to or reduced their stakes in the business. Eagle Asset Management Inc. acquired a new stake in shares of L3Harris Technologies in the fourth quarter worth approximately $224,000. KBC Group NV grew its stake in shares of L3Harris Technologies by 15.2% during the 4th quarter. KBC Group NV now owns 17,050 shares of the company’s stock valued at $3,591,000 after buying an additional 2,248 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of L3Harris Technologies by 4.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 272,231 shares of the company’s stock valued at $57,337,000 after buying an additional 11,500 shares during the period. NEOS Investment Management LLC increased its holdings in shares of L3Harris Technologies by 77.3% during the 4th quarter. NEOS Investment Management LLC now owns 2,691 shares of the company’s stock worth $567,000 after buying an additional 1,173 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its position in shares of L3Harris Technologies by 2.7% in the 4th quarter. Rafferty Asset Management LLC now owns 42,443 shares of the company’s stock worth $8,939,000 after buying an additional 1,133 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $244.66 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. L3Harris Technologies, Inc. has a fifty-two week low of $160.25 and a fifty-two week high of $247.33. The business has a 50 day moving average price of $231.34 and a two-hundred day moving average price of $223.13. The firm has a market cap of $46.41 billion, a PE ratio of 39.72, a price-to-earnings-growth ratio of 2.04 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.97 earnings per share. Sell-side analysts expect that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were given a dividend of $1.16 per share. The ex-dividend date was Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 1.90%. L3Harris Technologies’s payout ratio is 75.32%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the sale, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of L3Harris Technologies stock in a transaction on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the transaction, the senior vice president now owns 47,616 shares of the company’s stock, valued at $11,189,760. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the sale, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,402 shares of company stock worth $6,861,855. Corporate insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on LHX. Wells Fargo & Company dropped their price target on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada cut L3Harris Technologies from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $250.00 to $240.00 in a report on Wednesday, August 14th. Barclays raised their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, Susquehanna raised their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $247.08.

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.