Magnolia Capital Advisors LLC Takes $720,000 Position in L3Harris Technologies, Inc. (NYSE:LHX)

Magnolia Capital Advisors LLC purchased a new position in L3Harris Technologies, Inc. (NYSE:LHX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,206 shares of the company’s stock, valued at approximately $720,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LHX. Meeder Asset Management Inc. lifted its position in shares of L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after purchasing an additional 86 shares during the period. Transcendent Capital Group LLC purchased a new stake in L3Harris Technologies in the fourth quarter worth about $28,000. EntryPoint Capital LLC boosted its position in L3Harris Technologies by 70.4% during the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after acquiring an additional 69 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of L3Harris Technologies by 77.7% during the 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares during the period. Finally, Family Firm Inc. bought a new position in shares of L3Harris Technologies in the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the transaction, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. The sale was disclosed in a legal 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 on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the completion of the sale, the senior vice president now owns 47,616 shares in the company, valued at $10,951,680. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ross Niebergall sold 2,988 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the transaction, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. The disclosure for this sale can be found here. Insiders sold 29,402 shares of company stock worth $6,861,855 over the last three months. 0.82% of the stock is currently owned by company insiders.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $234.99 on Monday. The company has a 50 day moving average of $231.09 and a 200 day moving average of $222.58. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. L3Harris Technologies, Inc. has a twelve month low of $160.25 and a twelve month high of $245.60. The firm has a market cap of $44.57 billion, a P/E ratio of 38.15, a PEG ratio of 2.04 and a beta of 0.73.

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

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Friday, September 6th. L3Harris Technologies’s payout ratio is presently 75.32%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on LHX shares. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating and increased their price target for the stock from $245.00 to $257.00 in a research note on Friday, July 26th. Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $250.00 to $240.00 in a research note on Wednesday, August 14th. Barclays raised their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company dropped their price target on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $247.08.

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.