Griffin Asset Management Inc. Purchases 316 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Griffin Asset Management Inc. lifted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 5.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,681 shares of the company’s stock after purchasing an additional 316 shares during the period. Griffin Asset Management Inc.’s holdings in L3Harris Technologies were worth $1,276,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Bfsg LLC purchased a new stake in L3Harris Technologies during the first quarter worth about $25,000. Transcendent Capital Group LLC purchased a new position in shares of L3Harris Technologies in the fourth quarter worth about $28,000. EntryPoint Capital LLC increased its stake in shares of L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after purchasing an additional 69 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after purchasing an additional 80 shares in the last quarter. Finally, Sachetta LLC purchased a new position in shares of L3Harris Technologies in the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded up $1.31 during mid-day trading on Thursday, hitting $231.36. 564,506 shares of the company traded hands, compared to its average volume of 976,571. L3Harris Technologies, Inc. has a one year low of $160.25 and a one year high of $245.60. The stock has a market cap of $43.88 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 1.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The stock has a fifty day moving average price of $228.24 and a 200-day moving average price of $218.75.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.30 billion. During the same period in the previous year, the business posted $2.97 earnings per share. L3Harris Technologies’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts predict that L3Harris Technologies, Inc. will post 13.04 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $1.16 dividend. The ex-dividend date is Friday, September 6th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.01%. L3Harris Technologies’s payout ratio is 75.32%.

Analyst Upgrades and Downgrades

LHX has been the subject of several recent research reports. Barclays lifted their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating and raised their price objective for the company from $245.00 to $257.00 in a research report on Friday, July 26th. JPMorgan Chase & Co. raised 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, Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $250.00 to $240.00 in a research report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $244.43.

Insider Transactions at L3Harris Technologies

In other news, VP Sean J. Stackley sold 3,354 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $218.00, for a total value of $731,172.00. Following the completion of the sale, the vice president now directly owns 17,540 shares in the company, valued at approximately $3,823,720. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Christopher E. Kubasik sold 26,190 shares of L3Harris Technologies stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total value of $5,911,083.00. Following the transaction, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Sean J. Stackley sold 3,354 shares of L3Harris Technologies stock in a transaction on Friday, June 14th. The stock was sold at an average price of $218.00, for a total transaction of $731,172.00. Following the completion of the transaction, the vice president now directly owns 17,540 shares in the company, valued at $3,823,720. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,312 shares of company stock worth $19,085,072. 0.82% of the stock is currently owned by insiders.

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.