Leavell Investment Management Inc. Acquires 542 Shares of L3Harris Technologies Inc $LHX

Leavell Investment Management Inc. lifted its stake in L3Harris Technologies Inc (NYSE:LHX) by 7.0% during the second quarter, HoldingsChannel.com reports. The firm owned 8,285 shares of the company’s stock after purchasing an additional 542 shares during the quarter. Leavell Investment Management Inc.’s holdings in L3Harris Technologies were worth $2,078,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LHX. Nuveen LLC bought a new stake in L3Harris Technologies in the first quarter worth $299,157,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of L3Harris Technologies by 946.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company’s stock valued at $164,297,000 after acquiring an additional 709,948 shares in the last quarter. Wellington Management Group LLP raised its position in shares of L3Harris Technologies by 12.2% in the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company’s stock worth $1,074,208,000 after purchasing an additional 557,610 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in L3Harris Technologies by 15.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock worth $486,898,000 after purchasing an additional 311,886 shares in the last quarter. Finally, Appaloosa LP purchased a new stake in L3Harris Technologies during the 1st quarter valued at about $62,793,000. Institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of L3Harris Technologies in a research note on Saturday. UBS Group raised their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a “neutral” rating in a report on Friday, July 25th. Robert W. Baird boosted their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Citigroup lifted their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Finally, Barclays increased their target price on L3Harris Technologies from $255.00 to $305.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.63.

L3Harris Technologies Trading Down 0.0%

L3Harris Technologies stock opened at $293.22 on Friday. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $308.12. The firm has a market capitalization of $54.86 billion, a price-to-earnings ratio of 32.76, a P/E/G ratio of 2.14 and a beta of 0.76. The firm has a 50 day moving average of $285.35 and a 200 day moving average of $258.81. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. The company’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.24 earnings per share. As a group, research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 53.63%.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the sale, the chief executive officer owned 145,578 shares of the company’s stock, valued at approximately $40,747,282.20. This trade represents a 36.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 195,138 shares of company stock worth $53,571,774 in the last three months. Company insiders own 0.72% of the company’s stock.

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.