Granite Investment Partners LLC Takes $533,000 Position in L3Harris Technologies, Inc. (NYSE:LHX)

Granite Investment Partners LLC bought a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 2,535 shares of the company’s stock, valued at approximately $533,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LHX. Vanguard Group Inc. raised its stake in shares of L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock valued at $4,895,534,000 after purchasing an additional 401,168 shares during the period. Geode Capital Management LLC grew its position in shares of L3Harris Technologies by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company’s stock worth $1,004,418,000 after buying an additional 53,787 shares in the last quarter. FMR LLC increased its stake in shares of L3Harris Technologies by 11.5% in the fourth quarter. FMR LLC now owns 2,261,999 shares of the company’s stock worth $475,653,000 after buying an additional 233,968 shares during the last quarter. Invesco Ltd. increased its position in shares of L3Harris Technologies by 30.5% in the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock worth $469,992,000 after purchasing an additional 522,861 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of L3Harris Technologies in the 4th quarter valued at about $398,507,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at L3Harris Technologies

In other news, insider Jon Rambeau sold 3,178 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the sale, the insider now directly owns 2,797 shares of the company’s stock, valued at $632,122. This represents a 53.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward J. Zoiss sold 1,783 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total transaction of $377,068.84. Following the transaction, the insider now directly owns 30,620 shares in the company, valued at $6,475,517.60. The trade was a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

L3Harris Technologies Trading Up 3.8 %

L3Harris Technologies stock opened at $221.67 on Monday. L3Harris Technologies, Inc. has a 1 year low of $193.09 and a 1 year high of $265.74. The firm’s 50 day moving average price is $207.62 and its two-hundred day moving average price is $223.64. The firm has a market cap of $41.61 billion, a price-to-earnings ratio of 28.17, a price-to-earnings-growth ratio of 2.42 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. On average, research analysts predict that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were issued a dividend of $1.20 per share. The ex-dividend date was Monday, March 10th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.17%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s payout ratio is currently 60.99%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their price target on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. Morgan Stanley cut their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. The Goldman Sachs Group raised L3Harris Technologies from a “sell” rating to a “buy” rating and upped their target price for the company from $198.00 to $263.00 in a report on Friday. Wells Fargo & Company cut their price target on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Raymond James downgraded L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.94.

L3Harris Technologies Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.