Novare Capital Management LLC Purchases 37,798 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Novare Capital Management LLC grew its position in L3Harris Technologies, Inc. (NYSE:LHX) by 1,465.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 40,378 shares of the company’s stock after acquiring an additional 37,798 shares during the period. Novare Capital Management LLC’s holdings in L3Harris Technologies were worth $9,068,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Wolverine Asset Management LLC acquired a new position in L3Harris Technologies during the 2nd quarter worth approximately $561,000. Adell Harriman & Carpenter Inc. lifted its position in L3Harris Technologies by 18.4% during the second quarter. Adell Harriman & Carpenter Inc. now owns 3,278 shares of the company’s stock worth $736,000 after acquiring an additional 509 shares during the last quarter. TIAA Trust National Association lifted its holdings in shares of L3Harris Technologies by 2.2% during the second quarter. TIAA Trust National Association now owns 3,821 shares of the company’s stock worth $858,000 after buying an additional 84 shares in the last quarter. Rhumbline Advisers boosted its position in shares of L3Harris Technologies by 2.5% in the second quarter. Rhumbline Advisers now owns 336,073 shares of the company’s stock valued at $75,475,000 after acquiring an additional 8,320 shares during the period. Finally, Versor Investments LP bought a new position in L3Harris Technologies during the second quarter worth about $2,933,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX stock traded down $1.43 during trading hours on Tuesday, hitting $235.24. 139,882 shares of the company were exchanged, compared to its average volume of 958,960. The stock has a market capitalization of $44.63 billion, a price-to-earnings ratio of 38.42, a P/E/G ratio of 1.96 and a beta of 0.72. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $229.89 and a 200 day simple moving average of $220.12. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $245.60.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, beating the consensus estimate of $3.18 by $0.06. The firm had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. Research analysts predict that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be given a dividend of $1.16 per share. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 1.97%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Wall Street Analysts Forecast Growth

LHX has been the subject of several analyst reports. Susquehanna lifted their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Barclays increased their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft cut L3Harris Technologies from a “buy” rating to a “hold” rating and boosted their price target for the stock from $245.00 to $257.00 in a report on Friday, July 26th. Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $250.00 to $240.00 in a report on Wednesday, August 14th. Finally, Wells Fargo & Company lowered their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $247.08.

Insider Activity

In related news, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the sale, the vice president now directly owns 14,186 shares in the company, valued at approximately $3,074,531.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the sale, the vice president now directly owns 14,186 shares in the company, valued at $3,074,531.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Scott T. Mikuen sold 10,527 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $230.00, for a total value of $2,421,210.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at $10,951,680. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,122 shares of company stock valued at $7,612,739. Corporate insiders own 0.82% of the company’s stock.

About L3Harris Technologies

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.