AIA Group Ltd Purchases 29,658 Shares of L3Harris Technologies Inc $LHX

AIA Group Ltd increased its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 820.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,271 shares of the company’s stock after buying an additional 29,658 shares during the quarter. AIA Group Ltd’s holdings in L3Harris Technologies were worth $10,161,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Caitlin John LLC bought a new stake in shares of L3Harris Technologies in the third quarter worth about $28,000. JPL Wealth Management LLC bought a new position in shares of L3Harris Technologies during the 3rd quarter valued at about $29,000. Triumph Capital Management bought a new position in shares of L3Harris Technologies during the 3rd quarter valued at about $31,000. GGM Financials LLC acquired a new position in shares of L3Harris Technologies in the 3rd quarter valued at approximately $32,000. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in L3Harris Technologies during the 2nd quarter worth approximately $34,000. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Trading Down 0.1%

Shares of L3Harris Technologies stock opened at $368.66 on Thursday. The stock has a market cap of $68.86 billion, a P/E ratio of 43.22, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a 12-month low of $195.72 and a 12-month high of $379.23. The business’s 50 day moving average is $352.48 and its 200-day moving average is $310.75.

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

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given 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 dividend on an annualized basis and a dividend yield of 1.4%. L3Harris Technologies’s payout ratio is 58.62%.

Insider Activity

In other news, VP Melanie Rakita sold 2,378 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $341.45, for a total transaction of $811,968.10. Following the transaction, the vice president directly owned 4,882 shares in the company, valued at $1,666,958.90. The trade was a 32.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Samir Mehta sold 5,528 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,756 shares in the company, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 19,025 shares of company stock valued at $6,824,370 in the last quarter. Company insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on LHX shares. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. UBS Group raised their price objective on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Citigroup boosted their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Royal Bank Of Canada upped their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. Finally, TD Cowen reiterated a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Company 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.