DAVENPORT & Co LLC Has $162.60 Million Stake in L3Harris Technologies Inc $LHX

DAVENPORT & Co LLC reduced its position in L3Harris Technologies Inc (NYSE:LHX) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 552,976 shares of the company’s stock after selling 2,589 shares during the period. L3Harris Technologies makes up 0.9% of DAVENPORT & Co LLC’s investment portfolio, making the stock its 26th largest holding. DAVENPORT & Co LLC owned about 0.30% of L3Harris Technologies worth $162,600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Victory Capital Management Inc. increased its position in shares of L3Harris Technologies by 1,053.9% during the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after acquiring an additional 1,079,474 shares in the last quarter. Boston Partners raised its stake in shares of L3Harris Technologies by 72.1% in the second 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 stake in shares of L3Harris Technologies by 8,284.6% in the second 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 last quarter. Artisan Partners Limited Partnership bought a new position in shares of L3Harris Technologies in the third quarter valued at approximately $211,703,000. Finally, Two Sigma Investments LP boosted its position in shares of L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company’s stock valued at $187,609,000 after buying an additional 521,312 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on LHX shares. UBS Group increased their price target on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a report on Wednesday, January 14th. TD Cowen reiterated a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Finally, Wolfe Research restated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $328.57.

Insider Transactions at L3Harris Technologies

In other news, VP Melanie Rakita sold 751 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the completion of the sale, the vice president owned 4,131 shares in the company, valued at $1,529,791.92. This trade represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Samir Mehta sold 5,528 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This represents 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 worth $6,824,370 in the last quarter. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Up 1.7%

Shares of NYSE:LHX opened at $351.46 on Wednesday. L3Harris Technologies Inc has a 1 year low of $195.72 and a 1 year high of $379.23. The company has a market capitalization of $65.65 billion, a PE ratio of 41.20, a price-to-earnings-growth ratio of 2.49 and a beta of 0.63. The business has a fifty day moving average price of $353.87 and a two-hundred day moving average price of $313.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, January 29th. The company reported $2.86 EPS 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 analysts’ expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.47 EPS. Analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is currently 58.62%.

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.