Neo Ivy Capital Management Makes New Investment in L3Harris Technologies Inc $LHX

Neo Ivy Capital Management acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,940 shares of the company’s stock, valued at approximately $1,203,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Twin Lakes Capital Management LLC grew its stake in L3Harris Technologies by 0.3% in the 3rd quarter. Twin Lakes Capital Management LLC now owns 14,340 shares of the company’s stock valued at $4,380,000 after acquiring an additional 38 shares during the period. Fidelis Capital Partners LLC raised its position in L3Harris Technologies by 2.2% during the second quarter. Fidelis Capital Partners LLC now owns 1,781 shares of the company’s stock worth $493,000 after acquiring an additional 39 shares during the period. Patrick M Sweeney & Associates Inc. lifted its holdings in L3Harris Technologies by 3.8% during the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,095 shares of the company’s stock valued at $280,000 after purchasing an additional 40 shares in the last quarter. Moment Partners LLC grew its position in shares of L3Harris Technologies by 1.6% in the third quarter. Moment Partners LLC now owns 2,501 shares of the company’s stock valued at $764,000 after purchasing an additional 40 shares during the period. Finally, Catalyst Financial Partners LLC grew its position in shares of L3Harris Technologies by 2.6% in the third quarter. Catalyst Financial Partners LLC now owns 1,602 shares of the company’s stock valued at $489,000 after purchasing an additional 40 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

LHX opened at $365.83 on Friday. The firm has a market capitalization of $68.33 billion, a PE ratio of 42.89, a PEG ratio of 2.64 and a beta of 0.63. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23. The firm’s 50-day moving average price is $342.52 and its 200 day moving average price is $305.83. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the prior year, the firm earned $3.47 EPS. L3Harris Technologies’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

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

Insider Activity at L3Harris Technologies

In related news, insider Jon Rambeau sold 5,528 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. This trade represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Samir Mehta sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the transaction, the insider owned 7,756 shares in the company, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LHX. Wall Street Zen downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Argus upgraded L3Harris Technologies to a “strong-buy” rating in a research note on Friday, February 27th. Citigroup increased their target price on L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a report on Thursday, February 5th. JPMorgan Chase & Co. raised their target price on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Finally, Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Company Profile

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.