Riverwater Partners LLC Grows Stake in L3Harris Technologies Inc (NYSE:LHX)

Riverwater Partners LLC lifted its stake in L3Harris Technologies Inc (NYSE:LHX) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,773 shares of the company’s stock after buying an additional 54 shares during the period. Riverwater Partners LLC’s holdings in L3Harris Technologies were worth $371,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of LHX. Raymond James Financial Inc. purchased a new stake in shares of L3Harris Technologies during the fourth quarter valued at approximately $398,507,000. Invesco Ltd. boosted its holdings in L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after purchasing an additional 522,861 shares during the last quarter. GAMMA Investing LLC grew its stake in L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company’s stock valued at $107,424,000 after purchasing an additional 510,438 shares in the last quarter. Vanguard Group Inc. raised its position in shares of L3Harris Technologies by 1.8% in the 4th 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 in the last quarter. Finally, Deutsche Bank AG grew its position in shares of L3Harris Technologies by 64.2% during the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock worth $155,691,000 after buying an additional 289,514 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial decreased their price objective on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a report on Friday, April 25th. UBS Group boosted their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a report on Monday, April 28th. The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and upped their price objective for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Citigroup boosted their price target on L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a report on Monday, June 9th. Finally, Jefferies Financial Group reduced their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $258.75.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $248.78 on Friday. The company has a 50-day moving average of $230.98 and a 200-day moving average of $218.57. The firm has a market cap of $46.51 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 1.98 and a beta of 0.74. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $265.74.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.29 billion. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The business’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $3.06 earnings per share. Analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were issued a dividend of $1.20 per share. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 annualized dividend and a yield of 1.93%. L3Harris Technologies’s payout ratio is presently 56.94%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider now directly owns 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the sale, the chief executive officer now directly owns 145,572 shares of the company’s stock, valued at approximately $36,171,730.56. The trade was a 18.51% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

About L3Harris Technologies

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.