Mubadala Investment Co PJSC Invests $3.32 Million in L3Harris Technologies, Inc. (NYSE:LHX)

Mubadala Investment Co PJSC purchased a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 15,780 shares of the company’s stock, valued at approximately $3,318,000.

Other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock worth $25,000 after buying an additional 82 shares during the period. Millstone Evans Group LLC bought a new position in L3Harris Technologies during the 4th quarter worth approximately $26,000. Bradley & Co. Private Wealth Management LLC bought a new position in L3Harris Technologies during the 4th quarter worth approximately $27,000. Roxbury Financial LLC bought a new position in L3Harris Technologies during the 4th quarter worth approximately $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock worth $30,000 after acquiring an additional 111 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Buying and Selling

In related news, insider Jon Rambeau sold 3,178 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the transaction, the insider now directly owns 2,797 shares in the company, valued at approximately $632,122. The trade was a 53.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward J. Zoiss sold 1,783 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the transaction, the insider now owns 30,620 shares in the company, valued at approximately $6,475,517.60. The trade was a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Citigroup reduced their price objective on shares of L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Truist Financial reduced their price objective on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Bank of America reduced their price objective on shares of L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. JPMorgan Chase & Co. reduced their price objective on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Finally, UBS Group lifted their price objective on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a “neutral” rating in a research note on Monday, April 28th. 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 stock has a consensus rating of “Moderate Buy” and an average target price of $256.56.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $218.92 on Tuesday. The company’s fifty day simple moving average is $214.09 and its 200-day simple moving average is $219.79. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm has a market cap of $40.93 billion, a PE ratio of 27.82, a P/E/G ratio of 2.42 and a beta of 0.72. L3Harris Technologies, Inc. has a 12 month low of $193.09 and a 12 month high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, April 24th. The company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.06 earnings per share. Equities research analysts expect that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a yield of 2.19%. L3Harris Technologies’s payout ratio is 56.94%.

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.