Otter Creek Advisors LLC Cuts Position in L3Harris Technologies, Inc. (NYSE:LHX)

Otter Creek Advisors LLC trimmed its position in L3Harris Technologies, Inc. (NYSE:LHX) by 86.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,884 shares of the company’s stock after selling 12,504 shares during the quarter. Otter Creek Advisors LLC’s holdings in L3Harris Technologies were worth $448,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. O Shaughnessy Asset Management LLC raised its holdings in shares of L3Harris Technologies by 47.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 10,880 shares of the company’s stock valued at $2,319,000 after buying an additional 3,513 shares during the period. Bessemer Group Inc. grew its stake in L3Harris Technologies by 111.6% during the 1st quarter. Bessemer Group Inc. now owns 13,629 shares of the company’s stock valued at $2,904,000 after purchasing an additional 7,187 shares in the last quarter. Lake Street Advisors Group LLC acquired a new stake in L3Harris Technologies during the 1st quarter valued at approximately $235,000. Natixis grew its stake in L3Harris Technologies by 774.1% during the 1st quarter. Natixis now owns 6,337 shares of the company’s stock valued at $1,350,000 after purchasing an additional 5,612 shares in the last quarter. Finally, EntryPoint Capital LLC grew its stake in L3Harris Technologies by 70.4% during the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after purchasing an additional 69 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Up 0.9 %

LHX opened at $246.60 on Friday. L3Harris Technologies, Inc. has a one year low of $185.98 and a one year high of $265.74. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The stock’s fifty day moving average is $244.49 and its 200-day moving average is $232.91. The company has a market capitalization of $46.77 billion, a PE ratio of 38.96, a P/E/G ratio of 2.03 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.19 earnings per share. On average, equities analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, November 18th. 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 business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the transaction, the insider now directly owns 16,316 shares of the company’s stock, valued at approximately $3,861,670.88. The trade was a 15.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 8,964 shares of company stock worth $2,179,119. 0.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

LHX has been the subject of a number of recent analyst reports. Citigroup raised their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Royal Bank of Canada lifted their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Barclays lifted their target price on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Truist Financial boosted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Four 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 a consensus price target of $267.50.

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.