Neo Ivy Capital Management Makes New Investment in L3Harris Technologies Inc $LHX

Neo Ivy Capital Management bought a new stake in L3Harris Technologies Inc (NYSE:LHX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,940 shares of the company’s stock, valued at approximately $1,203,000.

Several other hedge funds have also made changes to their positions in the company. AGF Management Ltd. purchased a new stake in shares of L3Harris Technologies during the 2nd quarter valued at approximately $324,940,000. Victory Capital Management Inc. grew its position in L3Harris Technologies by 1,053.9% in the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after acquiring an additional 1,079,474 shares during the period. Boston Partners increased its stake in L3Harris Technologies by 72.1% during the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after acquiring an additional 838,546 shares during the last quarter. Balyasny Asset Management L.P. raised its position in L3Harris Technologies by 8,284.6% in the second quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock valued at $194,482,000 after purchasing an additional 766,075 shares during the period. Finally, Artisan Partners Limited Partnership purchased a new stake in L3Harris Technologies in the third quarter valued at $211,703,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LHX. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Argus raised shares of L3Harris Technologies to a “strong-buy” rating in a research report on Friday, February 27th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Vertical Research reiterated a “buy” rating and set a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Finally, Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $328.57.

Insider Activity

In other news, insider Jon Rambeau sold 5,528 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider directly owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. This represents a 41.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Melanie Rakita sold 751 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $278,110.32. Following the completion of the sale, the vice president directly owned 4,131 shares of the company’s stock, valued at $1,529,791.92. This represents a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 19,025 shares of company stock valued at $6,824,370. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Up 1.6%

L3Harris Technologies stock opened at $365.83 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $68.33 billion, a P/E ratio of 42.89, a P/E/G ratio of 2.64 and a beta of 0.63. The stock’s fifty day simple moving average is $342.52 and its 200-day simple moving average is $305.83. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period last year, the business earned $3.47 EPS. As a group, equities analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a $1.25 dividend. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. This represents a $5.00 annualized dividend and a yield of 1.4%. L3Harris Technologies’s payout ratio is currently 56.27%.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.