Gamco Investors INC. ET AL acquired a new position in shares of L3Harris (NYSE:LHX) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 87,760 shares of the company’s stock, valued at approximately $18,310,000.
Several other hedge funds and other institutional investors have also modified their holdings of LHX. California Public Employees Retirement System acquired a new stake in L3Harris in the third quarter worth approximately $371,059,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in L3Harris in the third quarter worth approximately $192,838,000. State of Tennessee Treasury Department acquired a new stake in L3Harris in the third quarter worth approximately $85,177,000. Marshall Wace North America L.P. acquired a new stake in L3Harris in the second quarter worth approximately $70,474,000. Finally, Rhumbline Advisers acquired a new stake in L3Harris in the third quarter worth approximately $76,600,000. Institutional investors and hedge funds own 97.80% of the company’s stock.
In other news, CEO William M. Brown sold 106,552 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $207.82, for a total transaction of $22,143,636.64. Also, Director Thomas A. Dattilo acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $209.19 per share, with a total value of $209,190.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $418,380. The disclosure for this purchase can be found here. Insiders have sold a total of 511,068 shares of company stock valued at $108,033,097 in the last quarter. Insiders own 1.70% of the company’s stock.
A number of research firms have weighed in on LHX. Buckingham Research upped their target price on L3Harris from $197.00 to $237.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. SunTrust Banks upped their target price on L3Harris to $245.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barclays restated a “buy” rating and issued a $270.00 target price on shares of L3Harris in a research report on Wednesday, October 9th. Zacks Investment Research upgraded L3Harris from a “hold” rating to a “buy” rating and set a $219.00 target price for the company in a research report on Friday, November 1st. Finally, Credit Suisse Group upped their target price on L3Harris from $220.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $235.89.
Shares of NYSE:LHX opened at $195.95 on Thursday. L3Harris has a one year low of $123.24 and a one year high of $217.31. The firm’s fifty day moving average is $205.67. The firm has a market cap of $43.09 billion, a P/E ratio of 23.64, a PEG ratio of 2.44 and a beta of 0.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.49 and a quick ratio of 1.21.
L3Harris (NYSE:LHX) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.19. L3Harris had a return on equity of 16.42% and a net margin of 12.02%. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.43 billion. The business’s revenue for the quarter was up 187.4% compared to the same quarter last year. As a group, research analysts expect that L3Harris will post 9.97 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. L3Harris’s dividend payout ratio (DPR) is presently 36.19%.
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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