Bridges Investment Management Inc. Raises Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Bridges Investment Management Inc. boosted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 813.1% in the second quarter, HoldingsChannel reports. The fund owned 9,158 shares of the company’s stock after purchasing an additional 8,155 shares during the quarter. Bridges Investment Management Inc.’s holdings in L3Harris Technologies were worth $2,057,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of L3Harris Technologies by 12.9% in the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after purchasing an additional 2,606,267 shares in the last quarter. Capital World Investors raised its stake in L3Harris Technologies by 26.0% in the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock valued at $3,381,784,000 after buying an additional 3,308,506 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in L3Harris Technologies by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock worth $2,052,411,000 after acquiring an additional 45,845 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of L3Harris Technologies by 34.7% during the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after acquiring an additional 1,138,549 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the completion of the transaction, the senior vice president now owns 47,616 shares in the company, valued at approximately $10,951,680. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the transaction, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,402 shares of company stock valued at $6,861,855. 0.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

LHX has been the topic of several research analyst reports. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $250.00 to $240.00 in a research report on Wednesday, August 14th. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $275.00 to $257.00 in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and raised their target price for the stock from $245.00 to $257.00 in a research note on Friday, July 26th. Barclays boosted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Susquehanna raised their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $247.08.

L3Harris Technologies Trading Up 1.2 %

Shares of NYSE:LHX opened at $233.21 on Friday. The company has a market capitalization of $44.24 billion, a PE ratio of 37.86, a PEG ratio of 1.95 and a beta of 0.73. L3Harris Technologies, Inc. has a 12-month low of $160.25 and a 12-month high of $245.60. The business has a 50 day moving average of $231.36 and a two-hundred day moving average of $221.77. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.97 earnings per share. As a group, analysts forecast that L3Harris Technologies, Inc. will post 13.06 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were paid a $1.16 dividend. The ex-dividend date was Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 1.99%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

L3Harris Technologies Profile

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.