Munich Reinsurance Co Stock Corp in Munich Purchases New Position in L3Harris Technologies Inc $LHX

Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of L3Harris Technologies Inc (NYSE:LHX) during the third quarter, Holdings Channel reports. The firm purchased 237,209 shares of the company’s stock, valued at approximately $72,446,000. L3Harris Technologies accounts for approximately 1.8% of Munich Reinsurance Co Stock Corp in Munich’s investment portfolio, making the stock its 10th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in LHX. Brighton Jones LLC lifted its position in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock valued at $901,000 after buying an additional 3,001 shares in the last quarter. Atlantic Union Bankshares Corp increased its holdings in L3Harris Technologies by 210.9% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 25,297 shares of the company’s stock worth $6,345,000 after acquiring an additional 17,161 shares in the last quarter. Resona Asset Management Co. Ltd. increased its holdings in L3Harris Technologies by 5.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 63,387 shares of the company’s stock worth $15,863,000 after acquiring an additional 3,187 shares in the last quarter. Golden State Wealth Management LLC raised its position in L3Harris Technologies by 65.6% during the second quarter. Golden State Wealth Management LLC now owns 495 shares of the company’s stock worth $124,000 after acquiring an additional 196 shares during the period. Finally, Souders Financial Advisors acquired a new position in L3Harris Technologies during the second quarter worth $202,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 1.6%

LHX opened at $365.83 on Friday. The firm has a market capitalization of $68.33 billion, a price-to-earnings ratio of 42.89, a price-to-earnings-growth ratio of 2.60 and a beta of 0.63. The company’s 50 day simple moving average is $342.52 and its two-hundred day simple moving average is $305.59. L3Harris Technologies Inc has a 1-year low of $195.72 and a 1-year high of $379.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period in the prior year, the business earned $3.47 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. Analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is currently 56.27%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LHX. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Citigroup upped their price target on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. UBS Group lifted their price objective on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Morgan Stanley increased their target price on L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Finally, BNP Paribas Exane raised L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

Insiders Place Their Bets

In other news, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider owned 7,660 shares in the company, valued at $2,836,651.20. The trade was a 41.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Melanie Rakita sold 751 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the transaction, the vice president directly owned 4,131 shares in the company, valued at approximately $1,529,791.92. The trade was a 15.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,025 shares of company stock valued at $6,824,370 in the last three months. 0.72% of the stock is currently owned by insiders.

About L3Harris Technologies

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.