Narwhal Capital Management Grows Stock Holdings in L3Harris Technologies Inc (NYSE:LHX)

Narwhal Capital Management lifted its position in L3Harris Technologies Inc (NYSE:LHX) by 21.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 55,773 shares of the company’s stock after buying an additional 9,900 shares during the quarter. L3Harris Technologies makes up 1.0% of Narwhal Capital Management’s investment portfolio, making the stock its 25th largest holding. Narwhal Capital Management’s holdings in L3Harris Technologies were worth $11,674,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock worth $4,895,534,000 after purchasing an additional 401,168 shares during the period. Geode Capital Management LLC increased its stake in L3Harris Technologies by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company’s stock worth $1,004,418,000 after buying an additional 53,787 shares during the period. FMR LLC lifted its holdings in L3Harris Technologies by 11.5% during the 4th quarter. FMR LLC now owns 2,261,999 shares of the company’s stock worth $475,653,000 after buying an additional 233,968 shares in the last quarter. Invesco Ltd. boosted its position in L3Harris Technologies by 30.5% in the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after buying an additional 522,861 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in L3Harris Technologies in the 4th quarter valued at approximately $398,507,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider now directly owns 25,325 shares of the company’s stock, valued at $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the sale, the chief executive officer now owns 145,572 shares of the company’s stock, valued at approximately $36,171,730.56. This trade represents a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

LHX has been the topic of several analyst reports. UBS Group increased their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research note on Monday, April 28th. Citigroup increased their price target on L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Truist Financial lowered their price objective on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Jefferies Financial Group reduced their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Wells Fargo & Company lowered their price target on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $258.75.

L3Harris Technologies Price Performance

Shares of LHX opened at $249.56 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $265.74. The stock has a market cap of $46.66 billion, a PE ratio of 29.60, a price-to-earnings-growth ratio of 1.99 and a beta of 0.74. The firm has a fifty day moving average price of $231.54 and a 200 day moving average price of $218.34.

L3Harris Technologies (NYSE:LHX) last posted its earnings results 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 analysts’ expectations of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The business’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.06 earnings per share. As a group, sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is currently 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.