Eos Management L.P. Makes New Investment in L3Harris Technologies Inc $LHX

Eos Management L.P. purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,434 shares of the company’s stock, valued at approximately $2,270,000. L3Harris Technologies makes up about 0.9% of Eos Management L.P.’s investment portfolio, making the stock its 25th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in L3Harris Technologies by 52.3% during the second quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock valued at $1,032,716,000 after buying an additional 1,413,833 shares during the period. AGF Management Ltd. bought a new position in shares of L3Harris Technologies during the 2nd quarter valued at approximately $324,940,000. Boston Partners increased its stake in shares of L3Harris Technologies by 72.1% during the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after purchasing an additional 838,546 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after purchasing an additional 766,075 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in L3Harris Technologies by 155.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock valued at $155,107,000 after purchasing an additional 376,499 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on LHX. UBS Group upped their price target on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 11th. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $315.00 to $360.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $315.73.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $360.61 on Thursday. The stock has a market cap of $67.45 billion, a P/E ratio of 38.73, a PEG ratio of 2.25 and a beta of 0.66. The company has a quick ratio of 0.95, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The business’s 50-day moving average price is $305.40 and its two-hundred day moving average price is $290.35. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $362.42.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 30th. The company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.10. The company had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.51 billion. L3Harris Technologies had a net margin of 8.09% and a return on equity of 11.08%. L3Harris Technologies’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned $3.34 earnings per share. As a group, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. L3Harris Technologies’s dividend payout ratio (DPR) is 51.56%.

Insider Transactions at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 14,171 shares of the stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $301.05, for a total transaction of $4,266,179.55. Following the transaction, the chief executive officer directly owned 144,426 shares in the company, valued at approximately $43,479,447.30. This represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is currently owned by company insiders.

L3Harris Technologies Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.