Artisan Partners Limited Partnership Makes New Investment in L3Harris Technologies Inc $LHX

Artisan Partners Limited Partnership acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX) during the third quarter, HoldingsChannel reports. The firm acquired 693,175 shares of the company’s stock, valued at approximately $211,703,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock valued at $901,000 after buying an additional 3,001 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of L3Harris Technologies by 46.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 6,470 shares of the company’s stock valued at $1,623,000 after acquiring an additional 2,045 shares in the last quarter. Wealthfront Advisers LLC increased its stake in L3Harris Technologies by 29.7% in the second quarter. Wealthfront Advisers LLC now owns 11,255 shares of the company’s stock valued at $2,823,000 after acquiring an additional 2,579 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in L3Harris Technologies in the second quarter worth about $1,087,000. Finally, Advisory Alpha LLC lifted its stake in L3Harris Technologies by 13.1% during the second quarter. Advisory Alpha LLC now owns 1,160 shares of the company’s stock worth $291,000 after purchasing an additional 134 shares during the period. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Stock Up 4.2%

Shares of LHX opened at $355.24 on Friday. The business’s fifty day moving average price is $333.89 and its two-hundred day moving average price is $301.55. The firm has a market capitalization of $66.35 billion, a price-to-earnings ratio of 41.65, a PEG ratio of 2.46 and a beta of 0.64. L3Harris Technologies Inc has a 52 week low of $195.72 and a 52 week high of $369.59. 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 (NYSE:LHX) last issued its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. The business 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%.The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.47 earnings per share. On average, analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $1.25 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. L3Harris Technologies’s payout ratio is 56.27%.

Insider Activity at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the transaction, the insider directly owned 5,916 shares in the company, valued at $2,004,636.60. This represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LHX. UBS Group increased their target price on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Truist Financial set a $364.00 target price on shares of L3Harris Technologies in a report on Wednesday, January 14th. Finally, Vertical Research reiterated a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $328.57.

About L3Harris Technologies

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.