South Dakota Investment Council Increases Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

South Dakota Investment Council grew its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,868 shares of the company’s stock after purchasing an additional 500 shares during the period. South Dakota Investment Council’s holdings in L3Harris Technologies were worth $8,397,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in LHX. Morgan Stanley increased its stake in L3Harris Technologies by 1.9% in the 3rd quarter. Morgan Stanley now owns 2,507,948 shares of the company’s stock worth $436,684,000 after acquiring an additional 47,691 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in L3Harris Technologies by 4.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,041,826 shares of the company’s stock valued at $430,049,000 after purchasing an additional 82,423 shares in the last quarter. Northern Trust Corp lifted its position in L3Harris Technologies by 4.6% during the third quarter. Northern Trust Corp now owns 1,570,639 shares of the company’s stock valued at $273,480,000 after purchasing an additional 68,545 shares during the last quarter. Invesco Ltd. grew its stake in shares of L3Harris Technologies by 15.3% in the 3rd quarter. Invesco Ltd. now owns 1,459,837 shares of the company’s stock worth $254,187,000 after buying an additional 193,690 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in shares of L3Harris Technologies by 22.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,450,040 shares of the company’s stock worth $252,481,000 after buying an additional 266,468 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

LHX traded down $0.04 on Wednesday, reaching $207.64. The company had a trading volume of 634,473 shares, compared to its average volume of 1,107,266. The stock has a 50-day moving average price of $210.23 and a 200-day moving average price of $200.95. The stock has a market capitalization of $39.47 billion, a PE ratio of 32.24, a P/E/G ratio of 1.93 and a beta of 0.65. L3Harris Technologies, Inc. has a 1 year low of $160.25 and a 1 year high of $218.34. The company has a quick ratio of 0.82, a current ratio of 1.01 and a debt-to-equity ratio of 0.59.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. The firm had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The business’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.27 EPS. As a group, research analysts forecast that L3Harris Technologies, Inc. will post 12.73 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.23%. L3Harris Technologies’s payout ratio is 72.05%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, Director William H. Swanson purchased 1,250 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average price of $215.35 per share, for a total transaction of $269,187.50. Following the purchase, the director now directly owns 1,543 shares in the company, valued at $332,285.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director William H. Swanson acquired 1,250 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the transaction, the director now directly owns 1,543 shares in the company, valued at approximately $332,285.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Scott T. Mikuen sold 1,292 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $211.14, for a total transaction of $272,792.88. Following the completion of the transaction, the senior vice president now directly owns 58,617 shares in the company, valued at $12,376,393.38. The disclosure for this sale can be found here. Insiders sold a total of 48,362 shares of company stock worth $10,261,360 in the last 90 days. 0.87% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on LHX shares. Citigroup increased their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Raymond James boosted their price objective on L3Harris Technologies from $220.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, January 29th. JPMorgan Chase & Co. upgraded L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 target price on the stock in a research note on Thursday, January 11th. Royal Bank of Canada boosted their target price on shares of L3Harris Technologies from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Finally, Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price target on the stock in a research note on Monday. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $229.60.

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.