Zacks Investment Management Increases Stake in L3Harris Technologies

Zacks Investment Management has increased its ownership in L3Harris Technologies, Inc. (NYSE:LHX) by 17.8% during the third quarter, as reported in its latest Form 13F filing with the Securities and Exchange Commission. Following this acquisition, the firm now holds a total of 184,956 shares of L3Harris Technologies after purchasing an additional 27,990 shares in the quarter. As of the latest reports, Zacks Investment Management's stake is valued at approximately $43,995,000, accounting for about 0.10% of the company.

Several other investment firms have also made adjustments to their L3Harris Technologies holdings. For instance, Meeder Asset Management Inc. expanded its stake by a remarkable 260.6% during the second quarter, increasing its ownership to 119 shares worth $27,000 after buying an extra 86 shares. In addition, Archer Investment Corp raised its stake by 48.9% in the third quarter, now owning 131 shares valued at $31,000 after acquiring 43 additional shares. Kennebec Savings Bank entered a new position in L3Harris Technologies in the third quarter for approximately $36,000. Likewise, Family Firm Inc. and Ashton Thomas Private Wealth LLC made new investments in this company in the second quarter worth $45,000 and $57,000 respectively. Overall, hedge funds and institutional investors collectively control about 84.76% of L3Harris Technologies’ stock.

L3Harris Technologies Stock Overview

As of Friday, LHX stocks opened at $234.62. Over the last year, shares have fluctuated between a low of $193.34 and a high of $265.74. L3Harris has a market capitalization of $44.50 billion, a price-to-earnings ratio of 37.06, and a PEG ratio of 2.01. Financial metrics indicate a debt-to-equity ratio of 0.58, quick ratio of 0.87, and current ratio of 1.04. Additionally, the company's 50-day and 200-day simple moving averages stand at $246.70 and $234.56 respectively.

L3Harris Technologies announced its earnings results on Thursday, October 24th, recording an EPS of $3.34 for the quarter, surpassing analysts' expectations of $3.27 by $0.07. The company achieved a net margin of 5.71% and a return on equity of 13.11%. Revenue figures totaled $5.29 billion, slightly higher than analyst predictions of $5.28 billion, marking a 7.7% year-over-year growth compared to the same period last year. Market analysts project that L3Harris will report an EPS of 13.09 for the current fiscal year.

Dividend Declaration by L3Harris Technologies

The company also recently declared its quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th received a dividend of $1.16 per share. The ex-dividend date was also November 18th. This translates to an annualized dividend of $4.64, offering a yield of 1.98%. L3Harris Technologies maintains a payout ratio of 73.30%.

Analysts Ratings and Insights

Recent reports from several equities research analysts have influenced the ratings for L3Harris Technologies. For instance, on October 28th, StockNews.com upgraded the company's shares from a 'hold' to a 'buy' rating. Wells Fargo & Company increased its price target for the stock from $260.00 to $295.00 and assigned an 'overweight' rating on the same date. Deutsche Bank adjusted its price target from $252.00 to $250.00, maintaining a 'hold' rating. Furthermore, Argus also upgraded the rating from 'hold' to 'buy', setting a price objective of $300.00. Bank of America followed suit by upgrading from 'neutral' to 'buy', raising the target price from $240.00 to $300.00. Currently, four analysts have a hold rating, while twelve maintain a buy rating for the stock, contributing to an average rating of 'Moderate Buy' with a consensus target price of $269.67.

Insider Trading Activity

In noteworthy insider trading news, Ross Niebergall sold 2,988 shares on October 2nd at an average price of $244.68, resulting in a total worth of $731,103.84. Following this transaction, Niebergall now owns 13,328 shares valued at approximately $3,261,095.04. This transaction reflects an 18.31% decrease in ownership. As of now, insiders hold about 0.82% of the company’s stock.

L3Harris Technologies Profile

L3Harris Technologies, Inc. specializes in providing mission-critical solutions for both government and commercial clients globally. Its Integrated Mission Systems segment delivers a range of capabilities including intelligence, surveillance, and reconnaissance (ISR) systems, electronic warfare systems, and advanced combat solutions for air, land, and sea applications.

Investment, Stocks, Earnings