Point72 Hong Kong Ltd Acquires New Position in L3Harris Technologies, Inc. (NYSE:LHX)

Point72 Hong Kong Ltd acquired a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,054 shares of the company’s stock, valued at approximately $489,000.

A number of other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in L3Harris Technologies by 57.4% in the second quarter. GAMMA Investing LLC now owns 1,462 shares of the company’s stock valued at $328,000 after acquiring an additional 533 shares during the last quarter. Fulton Bank N.A. purchased a new position in shares of L3Harris Technologies during the 2nd quarter worth $207,000. Kingswood Wealth Advisors LLC grew its holdings in shares of L3Harris Technologies by 43.4% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 6,591 shares of the company’s stock worth $1,480,000 after purchasing an additional 1,996 shares during the period. Park Avenue Securities LLC increased its position in shares of L3Harris Technologies by 9.7% during the 2nd quarter. Park Avenue Securities LLC now owns 5,350 shares of the company’s stock worth $1,202,000 after purchasing an additional 472 shares during the last quarter. Finally, Hilltop National Bank raised its holdings in L3Harris Technologies by 36.4% in the 2nd quarter. Hilltop National Bank now owns 480 shares of the company’s stock valued at $108,000 after buying an additional 128 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Down 1.4 %

NYSE LHX opened at $242.82 on Tuesday. L3Harris Technologies, Inc. has a 52 week low of $192.95 and a 52 week high of $265.74. The firm has a 50 day moving average of $246.22 and a two-hundred day moving average of $234.23. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $46.06 billion, a PE ratio of 38.36, a price-to-earnings-growth ratio of 2.05 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. The firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.19 earnings per share. As a group, research analysts expect that L3Harris Technologies, Inc. will post 13.1 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.91%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s payout ratio is 73.30%.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LHX. Wells Fargo & Company increased their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Citigroup raised their price target on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada boosted their price objective on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $269.67.

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.