Covenant Asset Management LLC Purchases Shares of 6,928 L3Harris (NYSE:LHX)

Covenant Asset Management LLC purchased a new stake in L3Harris (NYSE:LHX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,928 shares of the company’s stock, valued at approximately $1,371,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Valeo Financial Advisors LLC lifted its position in shares of L3Harris by 64.5% in the fourth quarter. Valeo Financial Advisors LLC now owns 995 shares of the company’s stock worth $197,000 after purchasing an additional 390 shares in the last quarter. Bourne Lent Asset Management Inc. lifted its position in shares of L3Harris by 111.1% in the fourth quarter. Bourne Lent Asset Management Inc. now owns 4,750 shares of the company’s stock worth $940,000 after purchasing an additional 2,500 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of L3Harris by 3.8% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,890 shares of the company’s stock worth $2,946,000 after purchasing an additional 549 shares in the last quarter. Advisor Partners LLC lifted its position in shares of L3Harris by 21.6% in the fourth quarter. Advisor Partners LLC now owns 11,101 shares of the company’s stock worth $2,366,000 after purchasing an additional 1,969 shares in the last quarter. Finally, Stokes Capital Advisors LLC lifted its position in shares of L3Harris by 6.6% in the fourth quarter. Stokes Capital Advisors LLC now owns 18,439 shares of the company’s stock worth $3,649,000 after purchasing an additional 1,145 shares in the last quarter. 82.62% of the stock is currently owned by hedge funds and other institutional investors.

In other L3Harris news, SVP Scott T. Mikuen sold 16,820 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $220.00, for a total value of $3,700,400.00. Following the transaction, the senior vice president now directly owns 81,527 shares in the company, valued at $17,935,940. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Scott T. Mikuen sold 15,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $210.51, for a total transaction of $3,157,650.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

A number of brokerages have recently commented on LHX. Cowen reissued a “buy” rating and issued a $210.00 price objective on shares of L3Harris in a research report on Wednesday, October 30th. SunTrust Banks boosted their price objective on shares of L3Harris to $245.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. UBS Group boosted their price objective on shares of L3Harris from $225.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 15th. ValuEngine raised shares of L3Harris from a “strong sell” rating to a “sell” rating in a research report on Friday, December 13th. Finally, Zacks Investment Research raised shares of L3Harris from a “hold” rating to a “buy” rating and set a $219.00 price objective on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $238.76.

NYSE LHX traded down $0.10 on Friday, hitting $222.71. 347,537 shares of the stock were exchanged, compared to its average volume of 1,162,516. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.49 and a quick ratio of 1.21. The business has a fifty day simple moving average of $205.26. L3Harris has a 52 week low of $139.42 and a 52 week high of $223.82. The stock has a market capitalization of $48.61 billion, a P/E ratio of 27.87, a PEG ratio of 2.41 and a beta of 0.86.

L3Harris (NYSE:LHX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $2.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.39 by $0.19. L3Harris had a net margin of 12.02% and a return on equity of 16.42%. The firm had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.43 billion. L3Harris’s revenue for the quarter was up 187.4% compared to the same quarter last year. On average, equities analysts expect that L3Harris will post 9.98 EPS for the current fiscal year.

L3Harris Company Profile

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

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Institutional Ownership by Quarter for L3Harris (NYSE:LHX)

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