Cornerstone Select Advisors LLC Invests $1.10 Million in L3Harris Technologies, Inc. (NYSE:LHX)

Cornerstone Select Advisors LLC bought a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) in the 4th quarter, Holdings Channel.com reports. The firm bought 5,205 shares of the company’s stock, valued at approximately $1,095,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after acquiring an additional 82 shares during the period. Millstone Evans Group LLC purchased a new position in L3Harris Technologies during the fourth quarter valued at $26,000. Bradley & Co. Private Wealth Management LLC bought a new stake in L3Harris Technologies during the fourth quarter valued at about $27,000. Roxbury Financial LLC purchased a new stake in L3Harris Technologies in the fourth quarter worth about $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock worth $30,000 after buying an additional 111 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Morgan Stanley dropped their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. The Goldman Sachs Group raised shares of L3Harris Technologies from a “sell” rating to a “buy” rating and upped their target price for the stock from $198.00 to $263.00 in a report on Friday, April 11th. JPMorgan Chase & Co. decreased their price target on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Susquehanna dropped their price objective on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, UBS Group lifted their target price on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research note on Monday, April 28th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $256.56.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX opened at $216.40 on Wednesday. The firm has a fifty day simple moving average of $213.24 and a two-hundred day simple moving average of $220.77. L3Harris Technologies, Inc. has a 52 week low of $193.09 and a 52 week high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $40.46 billion, a P/E ratio of 27.50, a PEG ratio of 2.42 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, topping the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The company had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the business posted $3.06 earnings per share. The firm’s revenue was down 1.5% on a year-over-year basis. On average, analysts expect that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is currently 56.94%.

L3Harris Technologies Company 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.