Charter Trust Co. lifted its position in shares of L3Harris (NYSE:LHX) by 27.6% during the 1st quarter, HoldingsChannel reports. The firm owned 4,137 shares of the company’s stock after acquiring an additional 894 shares during the period. Charter Trust Co.’s holdings in L3Harris were worth $745,000 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 LHX. Aigen Investment Management LP bought a new stake in shares of L3Harris during the fourth quarter valued at approximately $25,000. Virtus ETF Advisers LLC bought a new stake in shares of L3Harris during the fourth quarter valued at approximately $25,000. Filbrandt Wealth Management LLC bought a new stake in shares of L3Harris during the fourth quarter valued at approximately $25,000. NuWave Investment Management LLC bought a new stake in shares of L3Harris during the first quarter valued at approximately $30,000. Finally, Sowell Financial Services LLC boosted its position in shares of L3Harris by 161.2% during the first quarter. Sowell Financial Services LLC now owns 175 shares of the company’s stock valued at $32,000 after purchasing an additional 108 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.
Several equities research analysts recently weighed in on the company. Argus lifted their price target on L3Harris from $230.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Benchmark reissued a “buy” rating and issued a $260.00 target price (down from $280.00) on shares of L3Harris in a report on Wednesday, May 13th. They noted that the move was a valuation call. Zacks Investment Research downgraded L3Harris from a “buy” rating to a “hold” rating and set a $184.00 target price on the stock. in a report on Thursday, March 26th. ValuEngine raised L3Harris from a “sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Bank of America began coverage on L3Harris in a report on Thursday, April 16th. They issued a “buy” rating and a $250.00 target price on the stock. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $239.40.
Shares of LHX stock traded down $6.79 during mid-day trading on Thursday, hitting $199.91. The company’s stock had a trading volume of 49,667 shares, compared to its average volume of 1,590,662. L3Harris has a 52-week low of $142.01 and a 52-week high of $230.99. The business has a 50-day moving average price of $188.89 and a 200 day moving average price of $198.58. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.21 and a current ratio of 1.41. The stock has a market cap of $43.52 billion, a price-to-earnings ratio of 29.17 and a beta of 0.77.
L3Harris (NYSE:LHX) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.19. The company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.60 billion. L3Harris had a return on equity of 13.20% and a net margin of 8.30%. L3Harris’s revenue for the quarter was up 167.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.32 earnings per share. Equities research analysts predict that L3Harris will post 11.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Monday, June 1st. L3Harris’s dividend payout ratio (DPR) is presently 33.73%.
In related news, Director Lewis Kramer sold 6,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $195.00, for a total transaction of $1,170,000.00. Following the completion of the sale, the director now owns 13,278 shares in the company, valued at $2,589,210. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.40% of the stock is currently 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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