Cornell Pochily Investment Advisors Inc. Invests $436,000 in L3Harris Technologies, Inc. (NYSE:LHX)

Cornell Pochily Investment Advisors Inc. bought a new position in shares of L3Harris Technologies, Inc. (NYSE:LHX) in the fourth quarter, Holdings Channel reports. The institutional investor bought 2,070 shares of the company’s stock, valued at approximately $436,000.

A number of other hedge funds have also made changes to their positions in LHX. Acadian Asset Management LLC grew its position in shares of L3Harris Technologies by 283.0% during the 1st quarter. Acadian Asset Management LLC now owns 1,103 shares of the company’s stock worth $272,000 after buying an additional 815 shares during the period. Lord Abbett & CO. LLC bought a new position in L3Harris Technologies during the 1st quarter worth approximately $8,013,000. Sei Investments Co. boosted its stake in L3Harris Technologies by 14.2% during the 1st quarter. Sei Investments Co. now owns 62,374 shares of the company’s stock worth $15,643,000 after acquiring an additional 7,773 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in L3Harris Technologies by 18.9% in the first quarter. Sequoia Financial Advisors LLC now owns 3,372 shares of the company’s stock valued at $838,000 after buying an additional 537 shares in the last quarter. Finally, Brighton Jones LLC lifted its stake in L3Harris Technologies by 16.7% in the first quarter. Brighton Jones LLC now owns 1,230 shares of the company’s stock valued at $306,000 after buying an additional 176 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 price target on the stock in a research note on Thursday, January 11th. Wells Fargo & Company cut their price objective on shares of L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 30th. Deutsche Bank Aktiengesellschaft raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $184.00 to $240.00 in a research report on Friday, December 15th. Raymond James boosted their target price on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Finally, Truist Financial boosted their target price on shares of L3Harris Technologies from $224.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, December 14th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $229.00.

L3Harris Technologies Stock Performance

Shares of LHX stock traded up $1.32 on Thursday, hitting $213.82. The company’s stock had a trading volume of 290,257 shares, compared to its average volume of 1,113,734. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.82 and a current ratio of 1.01. The stock’s 50 day moving average is $210.75 and its 200-day moving average is $195.98. L3Harris Technologies, Inc. has a fifty-two week low of $160.25 and a fifty-two week high of $218.34. The company has a market capitalization of $40.65 billion, a PE ratio of 33.00, a PEG ratio of 1.96 and a beta of 0.65.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Friday, January 26th. The company reported $3.35 EPS for the quarter, beating the consensus estimate of $3.31 by $0.04. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The business had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the prior year, the company posted $3.27 earnings per share. L3Harris Technologies’s revenue was up 16.6% compared to the same quarter last year. Equities research analysts expect that L3Harris Technologies, Inc. will post 12.73 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a dividend of $1.16 per share. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.14. The ex-dividend date was Thursday, March 7th. This represents a $4.64 annualized dividend and a yield of 2.17%. L3Harris Technologies’s dividend payout ratio is currently 72.05%.

Insider Buying and Selling

In other news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $212.22, for a total value of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares of the company’s stock, valued at $24,654,658.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director William H. Swanson acquired 1,250 shares of the stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $215.35 per share, with a total value of $269,187.50. Following the completion of the purchase, the director now directly owns 1,543 shares of the company’s stock, valued at approximately $332,285.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the sale, the chief executive officer now directly owns 116,175 shares of the company’s stock, valued at approximately $24,654,658.50. The disclosure for this sale can be found here. Insiders sold 48,362 shares of company stock valued at $10,261,360 over the last quarter. 0.82% of the stock is owned by company insiders.

About L3Harris Technologies

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.