Bank of Nova Scotia Has $14.76 Million Holdings in L3Harris Technologies Inc (NYSE:LHX)

Bank of Nova Scotia lessened its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 67.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 70,503 shares of the company’s stock after selling 146,806 shares during the quarter. Bank of Nova Scotia’s holdings in L3Harris Technologies were worth $14,757,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in LHX. Invesco Ltd. raised its stake in L3Harris Technologies by 30.5% during the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock worth $469,992,000 after buying an additional 522,861 shares during the period. GAMMA Investing LLC raised its stake in L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company’s stock worth $107,424,000 after buying an additional 510,438 shares during the period. Allspring Global Investments Holdings LLC raised its stake in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock worth $486,898,000 after buying an additional 311,886 shares during the period. Deutsche Bank AG raised its stake in shares of L3Harris Technologies by 64.2% in the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock valued at $155,691,000 after purchasing an additional 289,514 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of L3Harris Technologies in the 4th quarter valued at about $53,011,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the transaction, the chief executive officer owned 145,578 shares of the company’s stock, valued at $39,472,018.92. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,061 shares of company stock valued at $28,227,077 in the last quarter. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on LHX shares. The Goldman Sachs Group raised L3Harris Technologies from a “sell” rating to a “buy” rating and lifted their price target for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Robert W. Baird lifted their price target on L3Harris Technologies from $274.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Royal Bank Of Canada lifted their price target on L3Harris Technologies from $265.00 to $280.00 and gave the company a “sector perform” rating in a research note on Friday, July 25th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Finally, Wall Street Zen raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, July 28th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $279.47.

L3Harris Technologies Price Performance

NYSE:LHX opened at $278.19 on Monday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The stock’s 50-day simple moving average is $255.07 and its 200 day simple moving average is $227.98. The company has a market cap of $52.05 billion, a P/E ratio of 31.08, a P/E/G ratio of 2.03 and a beta of 0.77. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $280.03.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.31 billion. During the same quarter last year, the company posted $3.24 earnings per share. L3Harris Technologies’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, sell-side 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 Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $1.20 per share. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 53.63%.

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.