MeadowBrook Investment Advisors LLC Takes $824,000 Position in L3Harris Technologies, Inc. (NYSE:LHX)

MeadowBrook Investment Advisors LLC acquired a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,911 shares of the company’s stock, valued at approximately $824,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cross Staff Investments Inc raised its stake in shares of L3Harris Technologies by 12.4% in the 4th quarter. Cross Staff Investments Inc now owns 1,432 shares of the company’s stock valued at $302,000 after acquiring an additional 158 shares during the period. Sapient Capital LLC purchased a new position in L3Harris Technologies during the 4th quarter valued at about $1,198,000. Bruce G. Allen Investments LLC acquired a new position in L3Harris Technologies in the 4th quarter valued at about $46,000. BKM Wealth Management LLC purchased a new stake in L3Harris Technologies during the fourth quarter worth about $1,125,000. Finally, South Dakota Investment Council lifted its position in shares of L3Harris Technologies by 43.2% during the third quarter. South Dakota Investment Council now owns 39,368 shares of the company’s stock worth $6,855,000 after purchasing an additional 11,879 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

Shares of LHX traded up $1.08 during mid-day trading on Tuesday, hitting $215.83. The stock had a trading volume of 154,229 shares, compared to its average volume of 1,107,072. The company has a market cap of $40.94 billion, a PE ratio of 34.86, a PEG ratio of 1.88 and a beta of 0.63. The company’s fifty day simple moving average is $210.24 and its two-hundred day simple moving average is $203.13. L3Harris Technologies, Inc. has a fifty-two week low of $160.25 and a fifty-two week high of $218.34. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.11 billion. During the same period in the prior year, the company posted $2.86 EPS. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities analysts expect that L3Harris Technologies, Inc. will post 12.91 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $4.64 annualized dividend and a yield of 2.15%. L3Harris Technologies’s dividend payout ratio (DPR) is 75.32%.

Insiders Place Their Bets

In other news, Director William H. Swanson purchased 1,250 shares of L3Harris Technologies stock in a transaction on Thursday, March 14th. The shares were purchased at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the completion of the transaction, the director now directly owns 1,543 shares in the company, valued at $332,285.05. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director William H. Swanson purchased 1,250 shares of L3Harris Technologies stock in a transaction dated Thursday, March 14th. The shares were bought at an average cost of $215.35 per share, with a total value of $269,187.50. Following the completion of the transaction, the director now directly owns 1,543 shares in the company, valued at approximately $332,285.05. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 1,292 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $211.14, for a total value of $272,792.88. Following the transaction, the senior vice president now directly owns 58,617 shares in the company, valued at approximately $12,376,393.38. The disclosure for this sale can be found here. Insiders have sold 48,362 shares of company stock worth $10,261,360 over the last 90 days. Corporate insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

LHX has been the topic of several analyst reports. Barclays increased their price objective on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Citigroup increased their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Royal Bank of Canada boosted their target price on L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a report on Monday, April 29th. JPMorgan Chase & Co. lifted their price objective on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company cut their target price on L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating for the company in a research note on Tuesday, January 30th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $231.33.

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.