Concentric Capital Strategies LP Acquires New Shares in L3Harris Technologies Inc $LHX

Concentric Capital Strategies LP bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 76,599 shares of the company’s stock, valued at approximately $23,394,000. L3Harris Technologies comprises approximately 1.0% of Concentric Capital Strategies LP’s investment portfolio, making the stock its 10th largest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LHX. Caitlin John LLC acquired a new stake in shares of L3Harris Technologies during the third quarter worth about $28,000. GGM Financials LLC acquired a new position in shares of L3Harris Technologies in the 3rd quarter valued at approximately $32,000. Salomon & Ludwin LLC acquired a new position in shares of L3Harris Technologies in the 3rd quarter valued at approximately $34,000. Twin Peaks Wealth Advisors LLC bought a new stake in L3Harris Technologies during the 2nd quarter worth approximately $34,000. Finally, Copia Wealth Management raised its holdings in L3Harris Technologies by 1,842.9% during the 3rd quarter. Copia Wealth Management now owns 136 shares of the company’s stock worth $42,000 after buying an additional 129 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Jon Rambeau sold 5,528 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider owned 7,660 shares in the company, valued at $2,836,651.20. This trade represents a 41.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samir Mehta sold 5,528 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company’s stock, valued at $2,872,201.92. The trade was a 41.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 19,025 shares of company stock worth $6,824,370. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Trading Up 0.2%

NYSE:LHX opened at $358.66 on Friday. The company has a market cap of $66.99 billion, a P/E ratio of 42.05, a price-to-earnings-growth ratio of 2.58 and a beta of 0.63. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23. The business has a 50 day moving average price of $349.12 and a two-hundred day moving average price of $308.63. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53.

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

L3Harris Technologies Increases Dividend

The firm also recently announced 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 represents a $5.00 dividend on an annualized basis and a yield of 1.4%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. L3Harris Technologies’s payout ratio is 58.62%.

Analyst Ratings Changes

A number of brokerages have weighed in on LHX. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on shares of L3Harris Technologies from $340.00 to $395.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. UBS Group raised their price objective on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Morgan Stanley boosted their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Finally, Wall Street Zen cut L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $328.57.

About L3Harris Technologies

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.