Tufton Capital Management Raises Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Tufton Capital Management increased its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 6.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,607 shares of the company’s stock after purchasing an additional 805 shares during the period. Tufton Capital Management’s holdings in L3Harris Technologies were worth $2,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Kentucky Retirement Systems acquired a new position in L3Harris Technologies during the third quarter worth about $2,642,000. GDS Wealth Management raised its stake in L3Harris Technologies by 184.5% during the third quarter. GDS Wealth Management now owns 90,123 shares of the company’s stock worth $15,692,000 after purchasing an additional 58,441 shares during the period. Sapient Capital LLC purchased a new position in L3Harris Technologies during the fourth quarter worth about $1,198,000. Bruce G. Allen Investments LLC purchased a new position in L3Harris Technologies during the fourth quarter worth about $46,000. Finally, Ceredex Value Advisors LLC raised its stake in L3Harris Technologies by 14.1% during the third quarter. Ceredex Value Advisors LLC now owns 673,757 shares of the company’s stock worth $117,315,000 after purchasing an additional 83,319 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Wells Fargo & Company cut their target price on shares of L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 30th. UBS Group upped their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. StockNews.com downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Finally, Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $229.00.

L3Harris Technologies Stock Up 0.8 %

Shares of L3Harris Technologies stock traded up $1.56 during trading hours on Thursday, hitting $202.96. The company had a trading volume of 188,896 shares, compared to its average volume of 1,115,896. The company’s 50-day moving average is $210.54 and its two-hundred day moving average is $199.59. L3Harris Technologies, Inc. has a twelve month low of $160.25 and a twelve month high of $218.34. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82. The company has a market cap of $38.58 billion, a P/E ratio of 31.27, a price-to-earnings-growth ratio of 1.86 and a beta of 0.65.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.04. The business had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.27 EPS. Analysts anticipate that L3Harris Technologies, Inc. will post 12.73 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a dividend of $1.16 per share. The ex-dividend date was Thursday, March 7th. This represents a $4.64 dividend on an annualized basis and a yield of 2.29%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.14. L3Harris Technologies’s dividend payout ratio is currently 72.05%.

Insider Buying and Selling

In related news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the sale, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Scott T. Mikuen sold 1,292 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $211.14, for a total transaction of $272,792.88. Following the transaction, the senior vice president now owns 58,617 shares of the company’s stock, valued at approximately $12,376,393.38. The disclosure for this sale can be found here. Insiders sold a total of 48,362 shares of company stock worth $10,261,360 in the last 90 days. Company 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.