L3Harris Technologies Inc $LHX Stake Boosted by Sage Mountain Advisors LLC

Sage Mountain Advisors LLC lifted its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 85.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,067 shares of the company’s stock after purchasing an additional 953 shares during the quarter. Sage Mountain Advisors LLC’s holdings in L3Harris Technologies were worth $518,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in L3Harris Technologies in the first quarter valued at $299,157,000. Caisse DE Depot ET Placement DU Quebec lifted its position in L3Harris Technologies by 946.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company’s stock valued at $164,297,000 after purchasing an additional 709,948 shares during the last quarter. Wellington Management Group LLP boosted its stake in L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company’s stock valued at $1,074,208,000 after purchasing an additional 557,610 shares during the period. Allspring Global Investments Holdings LLC grew its position 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 during the last quarter. Finally, Appaloosa LP bought a new position in L3Harris Technologies in the 1st quarter worth about $62,793,000. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wall Street Zen raised L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Friday, August 22nd. UBS Group raised their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Citigroup increased their price target on L3Harris Technologies from $300.00 to $323.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of L3Harris Technologies in a report on Wednesday, October 8th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.63.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares in the company, valued at approximately $40,747,282.20. This trade represents a 36.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have sold 195,138 shares of company stock worth $53,571,774. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $293.22 on Friday. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $308.12. The firm has a market cap of $54.86 billion, a P/E ratio of 32.76, a PEG ratio of 2.14 and a beta of 0.76. The stock has a fifty day moving average price of $285.35 and a two-hundred day moving average price of $258.81. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

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

L3Harris Technologies Announces Dividend

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 $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, November 17th. L3Harris Technologies’s dividend payout ratio is presently 53.63%.

L3Harris Technologies Company 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.