Korea Investment CORP Buys 15,408 Shares of L3Harris Technologies Inc $LHX

Korea Investment CORP boosted its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 11.2% in the third quarter, Holdings Channel reports. The firm owned 153,567 shares of the company’s stock after acquiring an additional 15,408 shares during the period. Korea Investment CORP’s holdings in L3Harris Technologies were worth $46,901,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in shares of L3Harris Technologies by 1,053.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after buying an additional 1,079,474 shares during the period. Boston Partners lifted its position in L3Harris Technologies by 72.1% during 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 during the last quarter. Balyasny Asset Management L.P. boosted its holdings in 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 valued at $194,482,000 after acquiring an additional 766,075 shares during the period. Artisan Partners Limited Partnership acquired a new stake in shares of L3Harris Technologies in the third quarter valued at about $211,703,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of L3Harris Technologies by 155.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock worth $155,107,000 after purchasing an additional 376,499 shares during the period. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Up 1.6%

Shares of NYSE:LHX opened at $365.83 on Monday. The company’s fifty day moving average is $342.52 and its 200-day moving average is $306.04. 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. The company has a market capitalization of $68.33 billion, a PE ratio of 42.89, a P/E/G ratio of 2.64 and a beta of 0.63.

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

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. 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. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. L3Harris Technologies’s dividend payout ratio (DPR) is 58.62%.

Wall Street Analysts Forecast Growth

LHX has been the subject of several recent analyst reports. Citigroup increased their target price on L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Royal Bank Of Canada raised their price objective on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. upped their target price on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a report on Friday, February 6th. Finally, Wolfe Research restated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $328.57.

Insider Activity

In other news, insider Samir Mehta sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on 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 owned 7,756 shares in the company, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Melanie Rakita sold 2,378 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the transaction, the vice president directly owned 4,882 shares in the company, valued at $1,666,958.90. The trade was a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 19,025 shares of company stock worth $6,824,370. Insiders own 0.72% of the company’s stock.

About L3Harris Technologies

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.