Vestmark Advisory Solutions Inc. purchased a new stake in shares of L3Harris (NYSE:LHX) in the 3rd quarter, Holdings Channel reports. The fund purchased 8,947 shares of the company’s stock, valued at approximately $1,867,000.
A number of other institutional investors have also made changes to their positions in LHX. California Public Employees Retirement System acquired a new stake in L3Harris during the 3rd quarter valued at $371,059,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in L3Harris during the 3rd quarter valued at $192,838,000. Carillon Tower Advisers Inc. acquired a new stake in L3Harris during the 3rd quarter valued at $119,548,000. Eagle Asset Management Inc. acquired a new stake in L3Harris during the 3rd quarter valued at $110,352,000. Finally, State of Tennessee Treasury Department acquired a new stake in L3Harris during the 3rd quarter valued at $85,177,000. 97.80% of the stock is owned by institutional investors and hedge funds.
In other news, CEO William M. Brown sold 106,552 shares of L3Harris stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $207.82, for a total transaction of $22,143,636.64. Also, CEO William M. Brown sold 130,000 shares of L3Harris stock in a transaction on Friday, September 6th. The stock was sold at an average price of $214.52, for a total value of $27,887,600.00. Insiders have sold 511,068 shares of company stock valued at $108,033,097 in the last three months. Insiders own 1.70% of the company’s stock.
L3Harris (NYSE:LHX) last posted its earnings results on Wednesday, October 30th. The company reported $2.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.39 by $0.19. L3Harris had a return on equity of 16.42% and a net margin of 12.02%. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.43 billion. The business’s quarterly revenue was up 187.4% compared to the same quarter last year. Research analysts expect that L3Harris will post 9.97 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, November 21st. L3Harris’s dividend payout ratio is currently 36.19%.
Several brokerages have issued reports on LHX. Buckingham Research raised their price target on L3Harris from $197.00 to $237.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Barclays reaffirmed a “buy” rating and set a $270.00 price target on shares of L3Harris in a report on Wednesday, October 9th. Credit Suisse Group raised their price target on L3Harris from $220.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Morgan Stanley began coverage on L3Harris in a report on Tuesday, August 6th. They set an “overweight” rating and a $259.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on L3Harris from $210.00 to $235.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company’s stock. L3Harris has a consensus rating of “Buy” and an average target price of $235.89.
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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