Public Sector Pension Investment Board Increases Stake in L3Harris Technologies Inc $LHX

Public Sector Pension Investment Board boosted its position in L3Harris Technologies Inc (NYSE:LHX) by 368.2% during the third quarter, HoldingsChannel reports. The fund owned 66,222 shares of the company’s stock after buying an additional 52,079 shares during the quarter. Public Sector Pension Investment Board’s holdings in L3Harris Technologies were worth $20,225,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moment Partners LLC raised 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. ICW Investment Advisors LLC boosted its holdings in L3Harris Technologies by 0.5% in the 3rd quarter. ICW Investment Advisors LLC now owns 8,602 shares of the company’s stock worth $2,627,000 after buying an additional 47 shares during the period. Wedbush Securities Inc. grew its stake in L3Harris Technologies by 83.7% in the 3rd quarter. Wedbush Securities Inc. now owns 4,544 shares of the company’s stock valued at $1,388,000 after buying an additional 2,071 shares in the last quarter. Savvy Advisors Inc. raised its holdings in L3Harris Technologies by 5.9% during the 3rd quarter. Savvy Advisors Inc. now owns 3,090 shares of the company’s stock valued at $944,000 after acquiring an additional 173 shares during the period. Finally, Cibc World Market Inc. lifted its position in shares of L3Harris Technologies by 0.7% during the third quarter. Cibc World Market Inc. now owns 38,578 shares of the company’s stock worth $11,782,000 after acquiring an additional 281 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the completion of the transaction, the insider directly owned 5,916 shares in the company, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Up 1.5%

Shares of NYSE LHX opened at $345.07 on Friday. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $369.59. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $64.55 billion, a price-to-earnings ratio of 40.45, a PEG ratio of 2.45 and a beta of 0.64. The business has a 50-day moving average of $321.69 and a 200-day moving average of $296.77.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share 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 business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same period last year, the firm posted $3.47 earnings per share. L3Harris Technologies’s quarterly revenue was up 2.3% on a year-over-year basis. Sell-side analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is presently 56.27%.

Analysts Set New Price Targets

A number of analysts recently issued reports on LHX shares. Truist Financial set a $364.00 price objective on L3Harris Technologies in a research note on Wednesday, January 14th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Wolfe Research reissued an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. Wall Street Zen lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Finally, Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies 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.