Private Ocean LLC Buys New Shares in L3Harris (NYSE:LHX)

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Private Ocean LLC bought a new stake in L3Harris (NYSE:LHX) during the third quarter, HoldingsChannel reports. The fund bought 676 shares of the company’s stock, valued at approximately $142,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mackay Shields LLC bought a new position in shares of L3Harris during the third quarter valued at about $22,024,000. Public Employees Retirement System of Ohio purchased a new stake in shares of L3Harris during the second quarter worth about $13,188,000. Stonebridge Capital Management Inc. purchased a new stake in shares of L3Harris during the third quarter worth about $907,000. Peddock Capital Advisors LLC purchased a new stake in shares of L3Harris during the third quarter worth about $455,000. Finally, Scott & Selber Inc. purchased a new stake in shares of L3Harris during the third quarter worth about $2,091,000. 97.80% of the stock is currently owned by institutional investors and hedge funds.

In other L3Harris news, Director Thomas A. Dattilo bought 1,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $200.80 per share, with a total value of $200,800.00. Also, CEO William M. Brown sold 130,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $211.07, for a total transaction of $27,439,100.00. The disclosure for this sale can be found here. Insiders have sold 511,068 shares of company stock valued at $108,033,097 in the last ninety days. Insiders own 1.70% of the company’s stock.

A number of research firms have recently weighed in on LHX. Jefferies Financial Group increased their target price on shares of L3Harris from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, September 16th. SunTrust Banks increased their target price on shares of L3Harris to $245.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Morgan Stanley initiated coverage on shares of L3Harris in a report on Tuesday, August 6th. They set an “overweight” rating and a $259.00 target price for the company. UBS Group set a $225.00 price objective on shares of L3Harris and gave the stock a “hold” rating in a report on Friday, November 1st. Finally, Barclays restated a “buy” rating and issued a $270.00 price objective on shares of L3Harris in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $235.89.

LHX traded up $1.14 on Friday, hitting $196.02. The company had a trading volume of 1,354,835 shares, compared to its average volume of 1,239,028. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.49 and a quick ratio of 1.21. L3Harris has a 52-week low of $123.24 and a 52-week high of $217.31. The business has a fifty day simple moving average of $204.91. The firm has a market cap of $42.67 billion, a price-to-earnings ratio of 23.65, a P/E/G ratio of 2.42 and a beta of 0.91.

L3Harris (NYSE:LHX) last announced its earnings results on Wednesday, October 30th. The company reported $2.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.39 by $0.19. L3Harris had a net margin of 12.02% and a return on equity of 16.42%. The business had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.43 billion. The company’s quarterly revenue was up 187.4% compared to the same quarter last year. On average, analysts anticipate that L3Harris will post 9.97 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Thursday, November 21st. L3Harris’s dividend payout ratio is 36.19%.

L3Harris Company Profile

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

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Institutional Ownership by Quarter for L3Harris (NYSE:LHX)

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