Stonebridge Capital Management Inc. Takes Position in L3Harris (NYSE:LHX)

Stonebridge Capital Management Inc. purchased a new stake in L3Harris (NYSE:LHX) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 4,348 shares of the company’s stock, valued at approximately $907,000.

Other institutional investors also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new position in shares of L3Harris in the second quarter valued at approximately $13,188,000. Shamrock Asset Management LLC acquired a new position in L3Harris during the 2nd quarter worth approximately $1,646,000. Glen Harbor Capital Management LLC acquired a new position in L3Harris during the 2nd quarter worth approximately $9,092,000. Marshall Wace North America L.P. acquired a new position in L3Harris during the 2nd quarter worth approximately $70,474,000. Finally, Elkfork Partners LLC acquired a new position in L3Harris during the 2nd quarter worth approximately $5,883,000. 97.80% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO William M. Brown sold 130,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $211.07, for a total value of $27,439,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas A. Dattilo purchased 1,000 shares of L3Harris stock in a transaction that occurred on Tuesday, September 10th. The stock was acquired at an average price of $200.80 per share, with a total value of $200,800.00. In the last quarter, insiders purchased 11,800 shares of company stock valued at $2,402,722 and sold 511,068 shares valued at $108,033,097. 1.70% of the stock is owned by corporate insiders.

Several research analysts have commented on LHX shares. Goldman Sachs Group started coverage on shares of L3Harris in a report on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target for the company. Buckingham Research boosted their price objective on shares of L3Harris from $197.00 to $237.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. ValuEngine downgraded shares of L3Harris from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Credit Suisse Group boosted their price objective on shares of L3Harris from $220.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley started coverage on shares of L3Harris in a research report on Tuesday, August 6th. They set an “overweight” rating and a $259.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. L3Harris has an average rating of “Buy” and an average price target of $236.79.

Shares of NYSE:LHX traded up $1.62 during trading on Thursday, hitting $204.89. 35,405 shares of the company were exchanged, compared to its average volume of 1,616,026. The stock has a market capitalization of $46.44 billion, a PE ratio of 24.64, a P/E/G ratio of 2.69 and a beta of 0.92. The company has a quick ratio of 0.98, a current ratio of 1.14 and a debt-to-equity ratio of 0.82. L3Harris has a 12-month low of $123.24 and a 12-month high of $217.31. The company has a 50 day moving average of $211.02.

L3Harris (NYSE:LHX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.14. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $4.31 billion. L3Harris had a net margin of 13.95% and a return on equity of 29.39%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.78 EPS. As a group, analysts forecast that L3Harris will post 9.68 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were given a $0.75 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $3.00 annualized dividend and a yield of 1.46%. L3Harris’s dividend payout ratio (DPR) is 36.19%.

L3Harris Company Profile

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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Institutional Ownership by Quarter for L3Harris (NYSE:LHX)

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