GM Advisory Group LLC Purchases Shares of 1,224 L3Harris Technologies, Inc. (NYSE:LHX)

GM Advisory Group LLC purchased a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,224 shares of the company’s stock, valued at approximately $291,000.

A number of other hedge funds have also bought and sold shares of the stock. Biltmore Family Office LLC increased its stake in shares of L3Harris Technologies by 6.1% in the third quarter. Biltmore Family Office LLC now owns 2,172 shares of the company’s stock worth $517,000 after acquiring an additional 125 shares during the period. Raymond James Trust N.A. increased its stake in shares of L3Harris Technologies by 14.7% in the third quarter. Raymond James Trust N.A. now owns 19,712 shares of the company’s stock worth $4,689,000 after acquiring an additional 2,530 shares during the period. Eagle Asset Management Inc. increased its stake in shares of L3Harris Technologies by 37.3% in the third quarter. Eagle Asset Management Inc. now owns 10,183 shares of the company’s stock worth $2,654,000 after acquiring an additional 2,765 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of L3Harris Technologies by 5.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock worth $366,875,000 after acquiring an additional 85,882 shares during the period. Finally, Thompson Siegel & Walmsley LLC increased its stake in shares of L3Harris Technologies by 0.4% in the third quarter. Thompson Siegel & Walmsley LLC now owns 14,165 shares of the company’s stock worth $3,369,000 after acquiring an additional 54 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the topic of a number of research reports. Royal Bank of Canada increased their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Susquehanna increased their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Citigroup increased their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Truist Financial increased their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Stock Performance

LHX opened at $248.16 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The company has a market cap of $47.07 billion, a price-to-earnings ratio of 39.20, a PEG ratio of 2.06 and a beta of 0.72. L3Harris Technologies, Inc. has a 52-week low of $187.37 and a 52-week high of $265.74. The firm’s fifty day simple moving average is $244.86 and its two-hundred day simple moving average is $233.15.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $3.19 earnings per share. Equities analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.87%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s payout ratio is 73.30%.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the sale, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. This represents a 15.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 8,964 shares of company stock worth $2,179,119 over the last three months. Insiders own 0.82% of the company’s stock.

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.