Principal Financial Group Inc. Boosts Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Principal Financial Group Inc. lifted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 2.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 220,269 shares of the company’s stock after purchasing an additional 4,321 shares during the period. Principal Financial Group Inc.’s holdings in L3Harris Technologies were worth $52,395,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the period. Archer Investment Corp increased its stake in L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the last quarter. Kennebec Savings Bank bought a new position in shares of L3Harris Technologies in the third quarter worth approximately $36,000. Ashton Thomas Private Wealth LLC bought a new position in shares of L3Harris Technologies in the 2nd quarter worth $57,000. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in L3Harris Technologies during the second quarter valued at about $58,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,764 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the sale, the insider now directly owns 8,576 shares of the company’s stock, valued at $1,917,765.12. This represents a 17.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 7,740 shares of company stock valued at $1,866,384 in the last three months. 0.82% of the stock is currently owned by corporate insiders.

L3Harris Technologies Trading Up 1.4 %

NYSE:LHX opened at $213.55 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. L3Harris Technologies, Inc. has a 12 month low of $200.18 and a 12 month high of $265.74. The company has a market cap of $40.50 billion, a PE ratio of 33.74, a price-to-earnings-growth ratio of 1.91 and a beta of 0.72. The company has a 50 day simple moving average of $242.42 and a two-hundred day simple moving average of $234.62.

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

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend was Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LHX. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research report on Thursday, October 10th. Truist Financial upped their price target on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Royal Bank of Canada lifted their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Wells Fargo & Company reduced their price target on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. Finally, Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $269.13.

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.