Townsend Asset Management Corp NC ADV Makes New Investment in L3Harris Technologies, Inc. (NYSE:LHX)

Townsend Asset Management Corp NC ADV bought a new stake in L3Harris Technologies, Inc. (NYSE:LHX) during the 3rd quarter, HoldingsChannel reports. The firm bought 874 shares of the company’s stock, valued at approximately $208,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. lifted its stake in L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares in the last quarter. EntryPoint Capital LLC lifted its position in shares of L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after acquiring an additional 69 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of L3Harris Technologies during the second quarter worth approximately $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in L3Harris Technologies in the 2nd quarter valued at $57,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on LHX shares. Wells Fargo & Company lowered their target price on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a research note on Thursday, October 10th. Susquehanna increased their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Finally, Citigroup lifted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $256.71.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $248.15 on Tuesday. L3Harris Technologies, Inc. has a fifty-two week low of $169.55 and a fifty-two week high of $250.88. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The company has a 50 day moving average price of $235.50 and a 200 day moving average price of $226.38. The stock has a market capitalization of $47.07 billion, a P/E ratio of 40.28, a PEG ratio of 2.08 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, beating analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same period in the previous year, the firm posted $2.97 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that L3Harris Technologies, Inc. will post 13.06 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.87%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the sale, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

About L3Harris Technologies

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.