Deroy & Devereaux Private Investment Counsel Inc. Makes New $18.84 Million Investment in L3Harris (NYSE:LHX)

Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in shares of L3Harris (NYSE:LHX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 90,275 shares of the company’s stock, valued at approximately $18,835,000. L3Harris makes up approximately 1.8% of Deroy & Devereaux Private Investment Counsel Inc.’s investment portfolio, making the stock its 16th biggest position.

A number of other hedge funds also recently added to or reduced their stakes in LHX. Lindbrook Capital LLC purchased a new position in shares of L3Harris during the second quarter worth approximately $25,000. Squar Milner Financial Services LLC grew its position in shares of L3Harris by 500.0% during the third quarter. Squar Milner Financial Services LLC now owns 120 shares of the company’s stock worth $25,000 after acquiring an additional 100 shares during the last quarter. Sonora Investment Management LLC purchased a new position in shares of L3Harris during the third quarter worth approximately $26,000. Wealthcare Capital Management LLC purchased a new position in shares of L3Harris during the third quarter worth approximately $26,000. Finally, Dougherty Wealth Advisers LLC purchased a new position in shares of L3Harris during the second quarter worth approximately $31,000. 97.80% of the stock is currently owned by institutional investors.

A number of equities analysts recently weighed in on LHX shares. Zacks Investment Research upgraded shares of L3Harris from a “hold” rating to a “buy” rating and set a $236.00 price objective on the stock in a research report on Thursday, September 5th. Jefferies Financial Group lifted their price objective on shares of L3Harris from $235.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Morgan Stanley started coverage on shares of L3Harris in a research report on Tuesday, August 6th. They issued an “overweight” rating and a $259.00 price objective on the stock. ValuEngine lowered shares of L3Harris from a “hold” rating to a “sell” rating in a research report on Thursday, October 17th. Finally, Vertical Research started coverage on shares of L3Harris in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $204.70 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. L3Harris has a consensus rating of “Buy” and an average target price of $237.25.

In other L3Harris news, Director Thomas A. Corcoran sold 2,894 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $212.56, for a total transaction of $615,148.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lewis Hay III bought 9,800 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $203.34 per share, for a total transaction of $1,992,732.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 11,800 shares of company stock worth $2,402,722 and have sold 511,068 shares worth $108,033,097. 1.70% of the stock is currently owned by insiders.

NYSE:LHX traded up $0.77 during midday trading on Thursday, reaching $201.15. The stock had a trading volume of 5,151 shares, compared to its average volume of 1,205,604. The stock has a market cap of $44.66 billion, a PE ratio of 24.22, a P/E/G ratio of 2.59 and a beta of 0.92. L3Harris has a 12-month low of $123.24 and a 12-month high of $217.31. The business’s fifty day simple moving average is $208.48. The company has a current ratio of 1.14, a quick ratio of 0.98 and a debt-to-equity ratio of 0.82.

L3Harris (NYSE:LHX) last issued its earnings results on Wednesday, July 31st. The company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.30 by $0.14. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $4.31 billion. L3Harris had a net margin of 13.95% and a return on equity of 29.39%. The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.78 EPS. As a group, sell-side analysts expect that L3Harris will post 9.67 EPS for the current year.

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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