Chesapeake Capital Corp IL Purchases New Stake in L3Harris Technologies Inc $LHX

Chesapeake Capital Corp IL bought a new position in L3Harris Technologies Inc (NYSE:LHX) in the third quarter, Holdings Channel reports. The institutional investor bought 3,107 shares of the company’s stock, valued at approximately $949,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in L3Harris Technologies by 0.5% during the second quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company’s stock worth $5,811,973,000 after acquiring an additional 121,619 shares during the last quarter. State Street Corp grew its holdings in shares of L3Harris Technologies by 1.2% in the second quarter. State Street Corp now owns 8,874,482 shares of the company’s stock valued at $2,226,075,000 after purchasing an additional 105,402 shares in the last quarter. Boston Partners increased its position in shares of L3Harris Technologies by 72.1% during the second 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 period. Bank of America Corp DE increased its holdings in L3Harris Technologies by 3.1% during the 2nd quarter. Bank of America Corp DE now owns 1,728,519 shares of the company’s stock worth $433,582,000 after purchasing an additional 52,776 shares during the period. Finally, Capital Research Global Investors increased its stake in shares of L3Harris Technologies by 23.3% during the third quarter. Capital Research Global Investors now owns 1,657,085 shares of the company’s stock worth $506,090,000 after buying an additional 312,846 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 shares of the business’s stock in a transaction 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 transaction, the insider directly owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Melanie Rakita sold 2,378 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $341.45, for a total transaction of $811,968.10. Following the transaction, the vice president owned 4,882 shares of the company’s stock, valued at approximately $1,666,958.90. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the company. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Wall Street Zen cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Finally, 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 report on Friday, January 30th. One equities research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Stock Up 0.2%

LHX opened at $358.66 on Friday. L3Harris Technologies Inc has a 52 week low of $195.72 and a 52 week high of $379.23. The business has a 50 day moving average price of $349.12 and a two-hundred day moving average price of $308.63. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The company has a market cap of $66.99 billion, a PE ratio of 42.05, a P/E/G ratio of 2.58 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 for the quarter, beating the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The company’s revenue was up 2.3% on a year-over-year basis. During the same period last year, the business posted $3.47 EPS. As a group, research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

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

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.