First Trust Direct Indexing L.P. Increases Position in L3Harris Technologies, Inc. (NYSE:LHX)

First Trust Direct Indexing L.P. lifted its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 4.0% during the third quarter, Holdings Channel reports. The fund owned 5,856 shares of the company’s stock after purchasing an additional 224 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in L3Harris Technologies were worth $1,393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Adell Harriman & Carpenter Inc. increased its position in shares of L3Harris Technologies by 2.1% during the third quarter. Adell Harriman & Carpenter Inc. now owns 3,347 shares of the company’s stock worth $796,000 after acquiring an additional 69 shares during the last quarter. Nicholas Hoffman & Company LLC. increased its position in shares of L3Harris Technologies by 3.3% during the third quarter. Nicholas Hoffman & Company LLC. now owns 1,353 shares of the company’s stock worth $322,000 after acquiring an additional 43 shares during the last quarter. Valmark Advisers Inc. increased its position in shares of L3Harris Technologies by 20.4% during the third quarter. Valmark Advisers Inc. now owns 5,729 shares of the company’s stock worth $1,363,000 after acquiring an additional 969 shares during the last quarter. Cutter & CO Brokerage Inc. increased its position in shares of L3Harris Technologies by 0.6% during the third quarter. Cutter & CO Brokerage Inc. now owns 17,573 shares of the company’s stock worth $4,180,000 after acquiring an additional 102 shares during the last quarter. Finally, Traynor Capital Management Inc. increased its holdings in L3Harris Technologies by 23.8% in the third quarter. Traynor Capital Management Inc. now owns 34,049 shares of the company’s stock valued at $8,099,000 after buying an additional 6,548 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the transaction, the insider now directly owns 16,316 shares of the company’s stock, valued at approximately $3,861,670.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Stock Performance

LHX opened at $247.47 on Friday. The company has a market capitalization of $46.95 billion, a price-to-earnings ratio of 40.17, a price-to-earnings-growth ratio of 2.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. L3Harris Technologies, Inc. has a 1-year low of $176.15 and a 1-year high of $258.89. The business has a 50 day moving average price of $238.37 and a two-hundred day moving average price of $228.37.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm earned $3.19 EPS. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. Research analysts predict that L3Harris Technologies, Inc. will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.87%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 75.32%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a report on Thursday, October 10th. Truist Financial boosted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday. Citigroup boosted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company upped their target price on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday. Finally, Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $240.00 to $300.00 in a report on Thursday. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

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.