Chesapeake Capital Corp IL Makes New $949,000 Investment in L3Harris Technologies Inc $LHX

Chesapeake Capital Corp IL purchased a new stake in L3Harris Technologies Inc (NYSE:LHX) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 3,107 shares of the company’s stock, valued at approximately $949,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Glenmede Investment Management LP grew its holdings in L3Harris Technologies by 1.2% in the third quarter. Glenmede Investment Management LP now owns 19,436 shares of the company’s stock worth $5,936,000 after purchasing an additional 234 shares during the last quarter. Marshall Wace LLP boosted its position in shares of L3Harris Technologies by 64.3% in the 3rd quarter. Marshall Wace LLP now owns 70,134 shares of the company’s stock worth $21,420,000 after purchasing an additional 27,455 shares in the last quarter. Twin Tree Management LP grew its stake in L3Harris Technologies by 68.8% during the 3rd quarter. Twin Tree Management LP now owns 38,572 shares of the company’s stock worth $11,780,000 after buying an additional 15,722 shares during the last quarter. Wealth Watch Advisors INC acquired a new position in L3Harris Technologies during the 3rd quarter valued at about $91,000. Finally, SeaCrest Wealth Management LLC increased its position in L3Harris Technologies by 3.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 1,458 shares of the company’s stock valued at $447,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on LHX shares. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Argus upgraded shares of L3Harris Technologies to a “strong-buy” rating in a research note on Friday, February 27th. Morgan Stanley boosted their target price on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. BNP Paribas Exane started coverage on shares of L3Harris Technologies in a research note on Tuesday, November 18th. They set a “neutral” rating and a $290.00 price target on the stock. Finally, Citigroup lifted their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Price Performance

Shares of LHX opened at $358.66 on Friday. The business’s 50-day moving average is $349.12 and its two-hundred day moving average is $308.63. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. The company has a market capitalization of $66.99 billion, a P/E ratio of 42.05, a P/E/G ratio of 2.58 and a beta of 0.63. L3Harris Technologies Inc has a fifty-two week low of $195.72 and a fifty-two week high of $379.23.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results 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. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same period in the previous year, the company posted $3.47 earnings per share. L3Harris Technologies’s revenue for the quarter was up 2.3% on a year-over-year basis. Research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current 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 paid a $1.25 dividend. The ex-dividend date is Friday, March 6th. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is presently 58.62%.

Insider Activity

In related news, VP Melanie Rakita sold 751 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the completion of the transaction, the vice president owned 4,131 shares in the company, valued at $1,529,791.92. This represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon Rambeau sold 5,528 shares of the 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 $2,047,128.96. Following the transaction, the insider directly owned 7,660 shares of the company’s stock, valued at $2,836,651.20. The trade was a 41.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,025 shares of company stock worth $6,824,370 over the last three months. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies 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.