Legal & General Group Plc Raises Stake in L3Harris Technologies Inc $LHX

Legal & General Group Plc lifted its stake in L3Harris Technologies Inc (NYSE:LHX) by 8.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,112,548 shares of the company’s stock after purchasing an additional 90,509 shares during the period. Legal & General Group Plc owned about 0.59% of L3Harris Technologies worth $339,783,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in L3Harris Technologies by 1,053.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock valued at $360,964,000 after buying an additional 1,079,474 shares during the period. Boston Partners grew its stake in L3Harris Technologies by 72.1% in the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after acquiring an additional 838,546 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of L3Harris Technologies by 8,284.6% during the second quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after acquiring an additional 766,075 shares during the period. Artisan Partners Limited Partnership purchased a new position in shares of L3Harris Technologies during the third quarter worth approximately $211,703,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of L3Harris Technologies by 155.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock valued at $155,107,000 after acquiring an additional 376,499 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

NYSE LHX opened at $364.47 on Thursday. The company has a market cap of $68.07 billion, a PE ratio of 42.73, a P/E/G ratio of 2.61 and a beta of 0.63. The firm’s 50 day moving average price is $346.76 and its 200-day moving average price is $307.71. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies Inc has a 52-week low of $195.72 and a 52-week high of $379.23.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. L3Harris Technologies’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.47 earnings per share. Sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is presently 58.62%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider directly owned 7,660 shares in the company, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Samir Mehta sold 5,528 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This represents a 41.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 19,025 shares of company stock worth $6,824,370 in the last three months. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LHX. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Weiss Ratings raised L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Wolfe Research reiterated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. Citigroup increased their price target on L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, Wall Street Zen lowered L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.