L3Harris Technologies, Inc. (NYSE:LHX) Shares Purchased by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. increased its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 1.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,519 shares of the company’s stock after purchasing an additional 281 shares during the quarter. Covington Investment Advisors Inc.’s holdings in L3Harris Technologies were worth $6,784,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. KCM Investment Advisors LLC raised its stake in shares of L3Harris Technologies by 43.8% during the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock worth $4,584,000 after buying an additional 5,868 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in L3Harris Technologies by 17.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after purchasing an additional 6,634 shares in the last quarter. Creative Planning grew its position in shares of L3Harris Technologies by 1.2% in the third quarter. Creative Planning now owns 41,588 shares of the company’s stock valued at $9,893,000 after purchasing an additional 512 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of L3Harris Technologies during the second quarter worth about $210,886,000. Finally, Janney Montgomery Scott LLC purchased a new position in L3Harris Technologies in the 3rd quarter valued at about $35,904,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

NYSE:LHX opened at $240.64 on Tuesday. L3Harris Technologies, Inc. has a 52 week low of $187.37 and a 52 week high of $265.74. The stock’s fifty day moving average is $245.04 and its two-hundred day moving average is $233.54. The company has a market capitalization of $45.64 billion, a P/E ratio of 38.02, a P/E/G ratio of 2.07 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted $3.19 earnings per share. Equities analysts expect that L3Harris Technologies, Inc. will post 13.09 EPS for the current 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 given a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s payout ratio is 73.30%.

Analyst Ratings Changes

Several research firms have commented on LHX. Truist Financial boosted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Citigroup increased their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Barclays raised their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Susquehanna upped their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada raised their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $269.67.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the sale, the insider now owns 10,340 shares in the company, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 8,964 shares of company stock worth $2,179,119 over the last ninety days. Corporate insiders own 0.87% of the company’s stock.

L3Harris Technologies Company 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.