Cypress Capital Group Raises Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Cypress Capital Group boosted its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 0.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 10,472 shares of the company’s stock after purchasing an additional 97 shares during the period. Cypress Capital Group’s holdings in L3Harris Technologies were worth $2,491,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of LHX. Meeder Asset Management Inc. increased its stake in L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after buying an additional 86 shares in the last quarter. Archer Investment Corp lifted its position in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after buying an additional 43 shares during the last quarter. Kennebec Savings Bank purchased a new stake in L3Harris Technologies in the third quarter valued at approximately $36,000. EntryPoint Capital LLC grew its position in L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after acquiring an additional 69 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after acquiring an additional 80 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now directly owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 8,964 shares of company stock valued at $2,179,119. 0.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LHX shares. Barclays increased their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research note on Thursday, October 10th. Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $275.00 to $257.00 in a research report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Trading Up 0.3 %

Shares of NYSE:LHX opened at $244.36 on Thursday. The company has a 50 day moving average price of $244.12 and a 200 day moving average price of $232.82. The stock has a market capitalization of $46.35 billion, a price-to-earnings ratio of 38.60, a PEG ratio of 2.03 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies, Inc. has a 1-year low of $185.98 and a 1-year high of $265.74.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the company posted $3.19 EPS. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.16 per share. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.90%. L3Harris Technologies’s dividend payout ratio is 73.30%.

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.