CIBC Asset Management Inc Grows Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

CIBC Asset Management Inc raised its position in L3Harris Technologies, Inc. (NYSE:LHXGet Rating) by 17.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,466 shares of the company’s stock after purchasing an additional 3,282 shares during the period. CIBC Asset Management Inc’s holdings in L3Harris Technologies were worth $5,582,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital World Investors lifted its holdings in L3Harris Technologies by 24.3% in the 4th quarter. Capital World Investors now owns 14,871,240 shares of the company’s stock valued at $3,171,143,000 after purchasing an additional 2,906,014 shares in the last quarter. Norges Bank purchased a new position in L3Harris Technologies in the 4th quarter valued at about $324,398,000. Millennium Management LLC lifted its holdings in L3Harris Technologies by 1,598.2% in the 4th quarter. Millennium Management LLC now owns 1,228,124 shares of the company’s stock valued at $261,885,000 after purchasing an additional 1,155,803 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in L3Harris Technologies by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 989,839 shares of the company’s stock valued at $211,074,000 after purchasing an additional 9,750 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in L3Harris Technologies by 9.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 958,701 shares of the company’s stock valued at $204,429,000 after purchasing an additional 81,281 shares in the last quarter. 80.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at L3Harris Technologies

In other news, VP James P. Girard sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $240.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the vice president now owns 10,811 shares of the company’s stock, valued at $2,594,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Susquehanna reduced their target price on shares of L3Harris Technologies from $302.00 to $298.00 in a report on Monday, May 2nd. Susquehanna Bancshares cut their price objective on shares of L3Harris Technologies from $302.00 to $298.00 in a report on Monday, May 2nd. Jefferies Financial Group cut their price objective on shares of L3Harris Technologies from $320.00 to $300.00 in a report on Monday, May 2nd. Finally, StockNews.com lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Friday, April 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and an average price target of $266.20.

L3Harris Technologies Stock Down 1.4 %

Shares of NYSE:LHX opened at $234.58 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. L3Harris Technologies, Inc. has a 52-week low of $200.71 and a 52-week high of $279.71. The company has a 50 day moving average of $233.73 and a two-hundred day moving average of $237.59. The company has a market capitalization of $44.89 billion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 4.10 and a beta of 0.67.

L3Harris Technologies (NYSE:LHXGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $0.07. L3Harris Technologies had a net margin of 11.36% and a return on equity of 13.09%. The company had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter last year, the company earned $3.26 earnings per share. L3Harris Technologies’s revenue for the quarter was down 11.4% on a year-over-year basis. As a group, analysts forecast that L3Harris Technologies, Inc. will post 13.41 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 16th. Stockholders of record on Friday, September 2nd will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Thursday, September 1st. L3Harris Technologies’s payout ratio is currently 46.14%.

About L3Harris Technologies

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L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.

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Institutional Ownership by Quarter for L3Harris Technologies (NYSE:LHX)

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