Raymond James Financial Inc. Expands Holdings in L3Harris Technologies, Inc.

In the fourth quarter, Raymond James Financial Inc. made a noteworthy investment by purchasing a new position in L3Harris Technologies, Inc. (NYSE:LHX - Free Report). This information was disclosed in the company's latest 13F filing with the Securities and Exchange Commission. Raymond James acquired 1,895,130 shares of L3Harris stock, representing an investment amount of around $398,507,000. At the end of the most recent quarter, this investment amounted to approximately 1.00% of L3Harris Technologies' total outstanding shares.

Recent Trends in L3Harris Technologies

There has been notable activity among other institutional investors and hedge funds regarding L3Harris Technologies as well. For instance, OneDigital Investment Advisors LLC increased its holdings in the company by 0.5% in the third quarter, now owning 7,915 shares valued at $1,883,000 after acquiring an additional 40 shares. Archer Investment Corp saw a more significant increase, boosting its stake by 48.9% during the same period to hold 131 shares valued at $31,000 after purchasing an additional 43 shares. Other firms, including HMS Capital Management LLC and Sigma Planning Corp, also reported increased holdings in L3Harris after making minor acquisitions in the third quarter. Notably, institutional investors collectively control about 84.76% of L3Harris Technologies' stock.

L3Harris Technologies Stock Overview

As of Thursday, L3Harris Technologies' stock opened at $210.84. The company’s stock has a fifty-day simple moving average of $208.77 and a 200-day simple moving average of $227.82. Over the last 12 months, L3Harris shares have seen a low of $193.09 and a high of $265.74. The company maintains a current ratio of 1.08, a quick ratio of 0.90, and a debt-to-equity ratio of 0.57. L3Harris has a market capitalization of $39.70 billion, with a P/E ratio of 26.79 and a PEG ratio of 2.42.

L3Harris Technologies recently reported its quarterly earnings on January 30th. The company exceeded analysts' expectations with $3.47 earnings per share (EPS), surpassing the consensus estimate of $3.43 by $0.04. The company's net margin stood at 7.04%, with a return on equity of 13.11%. Analysts forecast that L3Harris Technologies will report an EPS of 11.12 for the current fiscal year.

Dividend Increase Announcement

In addition to their earnings report, L3Harris Technologies announced an increase in its quarterly dividend, which is scheduled for payment on March 21st, 2023. Shareholders on record as of March 10th will receive a $1.20 dividend, which marks an increase from the previous quarterly dividend of $1.16. This new dividend represents an annualized payment of $4.80 and yields 2.28%. The current dividend payout ratio (DPR) of the company is approximately 60.99%.

Recent Analyst Ratings

Several analysts have recently revised their ratings on L3Harris Technologies. For example, Wells Fargo & Company lowered their price target from $300 to $269 and maintained an "overweight" rating. Bank of America similarly cut their price target from $300 to $265 while keeping a "buy" rating. Deutsche Bank reduced the target price from $250 to $229 and assigned a "hold" rating. In contrast, UBS Group raised their price target from $228 to $237, rating the stock as "neutral." Overall, there are five analysts rating the stock with a hold rating, while twelve have indicated that investors should consider buying. According to MarketBeat data, L3Harris Technologies holds an average rating of "Moderate Buy," with an average price target of $261.47.

Insider Trading Activities

In a recent report about insider trading, it was noted that Ross Niebergall, an insider at L3Harris Technologies, sold 1,764 shares on December 23rd at an average price of $213.65, totaling approximately $376,879. Following this transaction, Niebergall now owns 6,812 shares, valued at $1,455,384. The insider activity indicates a decrease of 20.57% in their position. For the last three months, a total of 4,901 shares have been sold by insiders, valued at $1,059,757, with insiders holding around 0.87% of the total stock.

About L3Harris Technologies

L3Harris Technologies, Inc. is a global leader in providing mission-critical solutions to both government and commercial clients. Their Integrated Mission Systems segment focuses on advanced technologies for intelligence, surveillance, reconnaissance (ISR) systems, electronic attack, autonomy, and various other sectors, including advanced combat systems.

Final Thoughts

As L3Harris Technologies continues to grow and adapt within its market, recent acquisitions by institutional investors like Raymond James Financial reflect increasing confidence in the company's prospects. Investors and analysts alike are keeping close tabs on L3Harris, especially following their earnings reports and dividend increase.

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