L3Harris Technologies, Inc. (NYSE:LHX) Shares Purchased by Plato Investment Management Ltd

Plato Investment Management Ltd raised its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 151.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,386 shares of the company’s stock after acquiring an additional 5,055 shares during the quarter. Plato Investment Management Ltd’s holdings in L3Harris Technologies were worth $1,883,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Capital World Investors raised its stake in L3Harris Technologies by 26.0% during the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock valued at $3,381,784,000 after buying an additional 3,308,506 shares in the last quarter. Vanguard Group Inc. raised its position in shares of L3Harris Technologies by 15.4% during the 4th quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock valued at $4,251,683,000 after acquiring an additional 2,692,771 shares in the last quarter. Norges Bank bought a new position in L3Harris Technologies during the fourth quarter worth $325,147,000. Wellington Management Group LLP lifted its stake in L3Harris Technologies by 34.7% during the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after purchasing an additional 1,138,549 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in L3Harris Technologies in the second quarter worth $210,886,000. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

Shares of LHX opened at $229.77 on Monday. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $245.60. The firm has a market capitalization of $43.58 billion, a PE ratio of 37.30, a P/E/G ratio of 1.95 and a beta of 0.73. The firm has a 50-day moving average price of $231.07 and a 200 day moving average price of $221.25. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, July 25th. The company reported $3.24 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. During the same quarter last year, the business earned $2.97 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a dividend of $1.16 per share. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 2.02%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Insider Buying and Selling

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the transaction, the insider now owns 16,316 shares in the company, valued at approximately $3,861,670.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $235.00, for a total value of $3,733,445.00. Following the transaction, the senior vice president now owns 47,616 shares of the company’s stock, valued at $11,189,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now owns 16,316 shares of the company’s stock, valued at approximately $3,861,670.88. The disclosure for this sale can be found here. Insiders have sold a total of 29,402 shares of company stock valued at $6,861,855 over the last three months. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wells Fargo & Company dropped their target price on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $250.00 to $240.00 in a research note on Wednesday, August 14th. Susquehanna lifted their target price on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Barclays increased their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and boosted their price objective for the company from $245.00 to $257.00 in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $247.08.

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.