Keybank National Association OH purchased a new position in shares of L3Harris (NYSE:LHX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,123 shares of the company’s stock, valued at approximately $3,990,000.
A number of other institutional investors also recently made changes to their positions in LHX. Lindbrook Capital LLC bought a new position in L3Harris in the 2nd quarter valued at $25,000. Squar Milner Financial Services LLC grew its stake in L3Harris by 500.0% in the 3rd quarter. Squar Milner Financial Services LLC now owns 120 shares of the company’s stock valued at $25,000 after purchasing an additional 100 shares during the period. Sonora Investment Management LLC bought a new position in L3Harris in the 3rd quarter valued at $26,000. Wealthcare Capital Management LLC bought a new position in L3Harris in the 3rd quarter valued at $26,000. Finally, D Orazio & Associates Inc. bought a new position in L3Harris in the 3rd quarter valued at $27,000. Institutional investors and hedge funds own 97.80% of the company’s stock.
LHX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on L3Harris from $210.00 to $235.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Morgan Stanley initiated coverage on L3Harris in a research note on Tuesday, August 6th. They issued an “overweight” rating and a $259.00 price objective for the company. ValuEngine downgraded L3Harris from a “hold” rating to a “sell” rating in a research note on Thursday, October 17th. SunTrust Banks increased their price target on L3Harris to $245.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Barclays reiterated a “buy” rating and set a $270.00 price target on shares of L3Harris in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $235.89.
Shares of LHX stock traded up $1.14 on Friday, hitting $196.02. 1,354,835 shares of the stock were exchanged, compared to its average volume of 1,239,028. The company has a quick ratio of 1.21, a current ratio of 1.49 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $42.67 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 2.42 and a beta of 0.91. L3Harris has a one year low of $123.24 and a one year high of $217.31. The firm has a 50 day moving average price of $204.91.
L3Harris (NYSE:LHX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.19. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.43 billion. L3Harris had a return on equity of 16.42% and a net margin of 12.02%. The business’s revenue was up 187.4% compared to the same quarter last year. Sell-side analysts expect that L3Harris will post 9.97 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. L3Harris’s payout ratio is 36.19%.
In related news, Director Thomas A. Corcoran sold 2,894 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $212.56, for a total transaction of $615,148.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas A. Dattilo acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average cost of $200.80 per share, for a total transaction of $200,800.00. Insiders have sold a total of 511,068 shares of company stock valued at $108,033,097 in the last quarter. 1.70% of the stock is owned by corporate insiders.
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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