Gradient Investments LLC bought a new stake in shares of L3Harris (NYSE:LHX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 585 shares of the company’s stock, valued at approximately $122,000.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Marshall Wace North America L.P. purchased a new stake in L3Harris during the 2nd quarter valued at $70,474,000. Marshall Wace LLP purchased a new stake in L3Harris during the 2nd quarter valued at $33,411,000. Panagora Asset Management Inc. purchased a new stake in L3Harris during the 2nd quarter valued at $19,308,000. State of Alaska Department of Revenue purchased a new stake in L3Harris during the 3rd quarter valued at $17,933,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in L3Harris during the 2nd quarter valued at $13,188,000. Institutional investors and hedge funds own 97.80% of the company’s stock.
In other news, CEO William M. Brown sold 130,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $211.07, for a total value of $27,439,100.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas A. Dattilo bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average cost of $200.80 per share, for a total transaction of $200,800.00. Over the last 90 days, insiders bought 11,800 shares of company stock worth $2,402,722 and sold 511,068 shares worth $108,033,097. Company insiders own 1.70% of the company’s stock.
Several brokerages have commented on LHX. UBS Group increased their target price on L3Harris from $200.00 to $210.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Goldman Sachs Group began coverage on L3Harris in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 target price on the stock. Credit Suisse Group increased their target price on L3Harris from $220.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Jefferies Financial Group raised their price target on L3Harris from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Morgan Stanley began coverage on L3Harris in a research note on Tuesday, August 6th. They issued an “overweight” rating and a $259.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $237.25.
LHX stock opened at $208.94 on Friday. The stock has a market cap of $46.50 billion, a P/E ratio of 25.20, a P/E/G ratio of 2.70 and a beta of 0.92. L3Harris has a 1 year low of $123.24 and a 1 year high of $217.31. The company has a current ratio of 1.14, a quick ratio of 0.98 and a debt-to-equity ratio of 0.82. The business has a fifty day moving average price of $210.45.
L3Harris (NYSE:LHX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $2.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.14. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $4.31 billion. L3Harris had a return on equity of 29.39% and a net margin of 13.95%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the business posted $1.78 EPS. Sell-side analysts expect that L3Harris will post 9.68 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were paid a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.44%. L3Harris’s dividend payout ratio (DPR) is currently 36.19%.
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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