Waratah Capital Advisors Ltd. Makes New Investment in L3Harris Technologies Inc $LHX

Waratah Capital Advisors Ltd. purchased a new stake in L3Harris Technologies Inc (NYSE:LHX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,114 shares of the company’s stock, valued at approximately $2,173,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in L3Harris Technologies by 0.5% in the second quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company’s stock valued at $5,811,973,000 after acquiring an additional 121,619 shares during the last quarter. State Street Corp lifted its position in shares of L3Harris Technologies by 1.2% in the 2nd quarter. State Street Corp now owns 8,874,482 shares of the company’s stock worth $2,226,075,000 after purchasing an additional 105,402 shares during the period. Geode Capital Management LLC boosted its stake in shares of L3Harris Technologies by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company’s stock valued at $1,236,410,000 after purchasing an additional 38,820 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 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 worth $1,032,716,000 after buying an additional 1,413,833 shares during the period. Finally, Boston Partners raised its stake in L3Harris Technologies by 72.1% during the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after buying an additional 838,546 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. Wall Street Zen cut L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. UBS Group lifted their target price on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada increased their price target on L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

Insider Buying and Selling

In other news, insider Samir Mehta sold 4,840 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total value of $1,640,034.00. Following the completion of the sale, the insider directly owned 5,916 shares of the company’s stock, valued at $2,004,636.60. This represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Down 0.2%

Shares of NYSE:LHX opened at $354.47 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies Inc has a 52-week low of $195.72 and a 52-week high of $369.59. The business’s 50 day simple moving average is $331.19 and its two-hundred day simple moving average is $300.89. The firm has a market cap of $66.21 billion, a P/E ratio of 41.56, a PEG ratio of 2.56 and a beta of 0.64.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.L3Harris Technologies’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $3.47 earnings per share. As a group, research analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a dividend of $1.25 per share. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 56.27%.

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.