Envestnet Asset Management Inc. Boosts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Envestnet Asset Management Inc. boosted its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 8.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,172,518 shares of the company’s stock after purchasing an additional 89,859 shares during the period. Envestnet Asset Management Inc. owned about 0.62% of L3Harris Technologies worth $246,557,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LHX. KCM Investment Advisors LLC raised its holdings in shares of L3Harris Technologies by 18.7% during the fourth quarter. KCM Investment Advisors LLC now owns 22,875 shares of the company’s stock valued at $4,810,000 after acquiring an additional 3,602 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of L3Harris Technologies in the 4th quarter worth about $11,498,000. Arete Wealth Advisors LLC boosted its stake in shares of L3Harris Technologies by 9.0% during the 4th quarter. Arete Wealth Advisors LLC now owns 2,038 shares of the company’s stock valued at $427,000 after purchasing an additional 169 shares in the last quarter. World Investment Advisors increased its position in shares of L3Harris Technologies by 4.8% during the fourth quarter. World Investment Advisors now owns 34,156 shares of the company’s stock valued at $7,182,000 after buying an additional 1,576 shares during the period. Finally, Disciplined Investors L.L.C. bought a new position in L3Harris Technologies in the fourth quarter worth about $426,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

NYSE LHX opened at $202.03 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. The company has a market capitalization of $37.92 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 2.42 and a beta of 0.71. The stock has a 50-day moving average of $208.20 and a 200 day moving average of $224.79. L3Harris Technologies, Inc. has a one year low of $193.09 and a one year high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $1.20 dividend. The ex-dividend date was Monday, March 10th. This represents a $4.80 annualized dividend and a dividend yield of 2.38%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s payout ratio is presently 60.99%.

Insider Activity at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 1,783 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total transaction of $377,068.84. Following the completion of the sale, the insider now owns 30,620 shares of the company’s stock, valued at $6,475,517.60. The trade was a 5.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jon Rambeau sold 3,178 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the transaction, the insider now directly owns 2,797 shares in the company, valued at approximately $632,122. This represents a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on LHX shares. Jefferies Financial Group reduced their target price on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Deutsche Bank Aktiengesellschaft decreased their price objective on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Raymond James cut shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. UBS Group increased their price target on shares of L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Finally, Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $269.00 to $268.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $260.69.

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.