San Francisco Sentry Investment Group CA purchased a new stake in L3Harris (NYSE:LHX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,704 shares of the company’s stock, valued at approximately $356,000.
Other hedge funds also recently bought and sold shares of the company. Lindbrook Capital LLC acquired a new position in shares of L3Harris in the 2nd quarter valued at $25,000. Sonora Investment Management LLC acquired a new stake in L3Harris during the 3rd quarter worth $26,000. Wealthcare Capital Management LLC acquired a new stake in L3Harris during the 3rd quarter worth $26,000. Dougherty Wealth Advisers LLC acquired a new stake in L3Harris during the 2nd quarter worth $31,000. Finally, Versant Capital Management Inc raised its stake in L3Harris by 246.5% during the 3rd quarter. Versant Capital Management Inc now owns 149 shares of the company’s stock worth $31,000 after buying an additional 106 shares during the period. 97.80% of the stock is currently owned by institutional investors.
In related news, CEO William M. Brown sold 130,000 shares of L3Harris stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $211.07, for a total transaction of $27,439,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas A. Dattilo purchased 1,000 shares of L3Harris stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $209.19 per share, with a total value of $209,190.00. Following the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $418,380. The disclosure for this purchase can be found here. Insiders sold a total of 511,068 shares of company stock valued at $108,033,097 in the last 90 days. 1.70% of the stock is owned by corporate insiders.
L3Harris (NYSE:LHX) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $2.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.39 by $0.19. The company had revenue of $4.43 billion during the quarter, compared to analysts’ expectations of $4.43 billion. L3Harris had a return on equity of 16.42% and a net margin of 12.02%. The company’s revenue was up 187.4% compared to the same quarter last year. On average, sell-side analysts forecast that L3Harris will post 9.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Thursday, November 21st. L3Harris’s payout ratio is 36.19%.
Several analysts recently commented on the company. JPMorgan Chase & Co. raised their price objective on L3Harris from $210.00 to $235.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Credit Suisse Group raised their price objective on L3Harris from $220.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Morgan Stanley began coverage on L3Harris in a research note on Tuesday, August 6th. They set an “overweight” rating and a $259.00 price objective on the stock. Buckingham Research lifted their price target on L3Harris from $197.00 to $237.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, ValuEngine downgraded L3Harris from a “hold” rating to a “sell” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $235.89.
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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