Legacy Capital Wealth Partners LLC Takes $305,000 Position in L3Harris Technologies, Inc. (NYSE:LHX)

Legacy Capital Wealth Partners LLC bought a new stake in L3Harris Technologies, Inc. (NYSE:LHX) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,282 shares of the company’s stock, valued at approximately $305,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in L3Harris Technologies by 12.9% in the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after acquiring an additional 2,606,267 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of L3Harris Technologies during the 2nd quarter worth approximately $210,886,000. Envestnet Asset Management Inc. grew its position in shares of L3Harris Technologies by 236.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock worth $222,186,000 after purchasing an additional 695,582 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of L3Harris Technologies by 19.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after purchasing an additional 523,315 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of L3Harris Technologies by 65.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock worth $97,532,000 after acquiring an additional 171,420 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $264.25 on Tuesday. The firm has a market cap of $50.12 billion, a price-to-earnings ratio of 41.75, a P/E/G ratio of 2.17 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies, Inc. has a 52 week low of $182.01 and a 52 week high of $265.74. The firm’s 50-day simple moving average is $240.87 and its two-hundred day simple moving average is $230.75.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.19 earnings per share. As a group, equities analysts forecast that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 8,964 shares of company stock valued at $2,179,119. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on LHX shares. Deutsche Bank Aktiengesellschaft reduced their price target on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research report on Thursday, October 10th. Truist Financial increased their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Susquehanna increased their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $267.50.

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.