BlueCrest Capital Management Ltd Makes New Investment in L3Harris Technologies, Inc. (NYSE:LHX)

BlueCrest Capital Management Ltd purchased a new stake in L3Harris Technologies, Inc. (NYSE:LHX) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 1,200 shares of the company’s stock, valued at approximately $285,000.

A number of other institutional investors and hedge funds also recently modified their holdings of LHX. Bank of New York Mellon Corp increased its position in shares of L3Harris Technologies by 19.7% in the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after acquiring an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after purchasing an additional 27,763 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in L3Harris Technologies by 5.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after purchasing an additional 85,882 shares during the period. Diamond Hill Capital Management Inc. raised its stake in L3Harris Technologies by 2.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after purchasing an additional 31,686 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of L3Harris Technologies by 12.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,405,337 shares of the company’s stock valued at $315,611,000 after purchasing an additional 156,453 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Trading Up 0.3 %

Shares of NYSE:LHX opened at $246.13 on Friday. L3Harris Technologies, Inc. has a 1 year low of $188.95 and a 1 year high of $265.74. The firm has a fifty day moving average price of $246.22 and a 200 day moving average price of $234.06. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $46.68 billion, a PE ratio of 38.88, a P/E/G ratio of 2.05 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the company posted $3.19 EPS. The firm’s revenue was up 7.7% on a year-over-year basis. Analysts expect that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared 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. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.89%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the transaction, the insider now directly owns 10,340 shares in the company, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 8,964 shares of company stock valued at $2,179,119 over the last 90 days. 0.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a report on Thursday, October 10th. Wells Fargo & Company upped their target price on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $269.67.

L3Harris Technologies 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.