Raymond James Financial Inc. Acquires New Position in L3Harris Technologies, Inc. (NYSE:LHX)

Raymond James Financial Inc. acquired a new stake in L3Harris Technologies, Inc. (NYSE:LHX) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,895,130 shares of the company’s stock, valued at approximately $398,507,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dana Investment Advisors Inc. bought a new stake in L3Harris Technologies in the 4th quarter valued at about $5,456,000. Cullen Frost Bankers Inc. increased its position in shares of L3Harris Technologies by 0.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 67,497 shares of the company’s stock valued at $14,193,000 after buying an additional 378 shares during the period. Aigen Investment Management LP bought a new stake in shares of L3Harris Technologies during the fourth quarter valued at about $851,000. Proficio Capital Partners LLC bought a new stake in shares of L3Harris Technologies during the fourth quarter valued at about $25,071,000. Finally, M&T Bank Corp increased its position in shares of L3Harris Technologies by 1.7% during the fourth quarter. M&T Bank Corp now owns 13,503 shares of the company’s stock valued at $2,840,000 after buying an additional 232 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LHX. UBS Group upped their price target on L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Royal Bank of Canada reiterated a “sector perform” rating and set a $240.00 price target on shares of L3Harris Technologies in a research report on Friday, January 31st. JPMorgan Chase & Co. decreased their price target on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Raymond James lowered L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Finally, Morgan Stanley cut their price objective on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $261.47.

Insider Activity

In other news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $213.65, for a total transaction of $376,878.60. Following the completion of the sale, the insider now owns 6,812 shares of the company’s stock, valued at approximately $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 4,901 shares of company stock valued at $1,059,757. 0.87% of the stock is currently owned by company insiders.

L3Harris Technologies Stock Up 1.8 %

Shares of LHX opened at $210.84 on Thursday. The firm has a market cap of $39.70 billion, a P/E ratio of 26.79, a P/E/G ratio of 2.42 and a beta of 0.74. The stock has a 50 day simple moving average of $208.77 and a two-hundred day simple moving average of $227.82. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. L3Harris Technologies, Inc. has a 1 year low of $193.09 and a 1 year high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. On average, analysts forecast 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 21st. Stockholders of record on Monday, March 10th will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s dividend payout ratio is 60.99%.

L3Harris Technologies Company Profile

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.