First Mercantile Trust Co. purchased a new position in shares of L3Harris (NYSE:LHX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,386 shares of the company’s stock, valued at approximately $498,000.

Other hedge funds also recently added to or reduced their stakes in the company. Squar Milner Financial Services LLC grew its position in shares of L3Harris by 500.0% during the third quarter. Squar Milner Financial Services LLC now owns 120 shares of the company’s stock worth $25,000 after buying an additional 100 shares in the last quarter. Sonora Investment Management LLC acquired a new stake in shares of L3Harris during the third quarter worth approximately $26,000. Wealthcare Capital Management LLC acquired a new stake in shares of L3Harris during the third quarter worth approximately $26,000. Trustcore Financial Services LLC acquired a new stake in shares of L3Harris during the third quarter worth approximately $28,000. Finally, Lindbrook Capital LLC acquired a new stake in shares of L3Harris during the second quarter worth approximately $25,000. 97.80% of the stock is owned by institutional investors and hedge funds.

L3Harris stock traded up $0.76 during mid-day trading on Friday, reaching $195.64. The company’s stock had a trading volume of 308,251 shares, compared to its average volume of 1,524,395. The company has a market capitalization of $42.67 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 2.42 and a beta of 0.91. The firm’s 50 day moving average is $205.26. The company has a current ratio of 1.49, a quick ratio of 1.21 and a debt-to-equity ratio of 0.31. L3Harris has a twelve month low of $123.24 and a twelve month high of $217.31.

L3Harris (NYSE:LHX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.19. The firm had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.43 billion. L3Harris had a net margin of 12.02% and a return on equity of 16.42%. The business’s quarterly revenue was up 187.4% on a year-over-year basis. As a group, research analysts expect that L3Harris will post 9.97 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Thursday, November 21st. L3Harris’s dividend payout ratio is presently 36.19%.

A number of analysts have recently weighed in on LHX shares. JPMorgan Chase & Co. raised their price target on shares of L3Harris from $210.00 to $235.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Barclays reissued a “buy” rating and set a $270.00 price target on shares of L3Harris in a research report on Wednesday, October 9th. UBS Group set a $225.00 price objective on shares of L3Harris and gave the stock a “hold” rating in a report on Friday, November 1st. ValuEngine downgraded shares of L3Harris from a “hold” rating to a “sell” rating in a report on Thursday, October 17th. Finally, Buckingham Research lifted their price objective on shares of L3Harris from $197.00 to $237.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $235.89.

In other L3Harris news, SVP Scott T. Mikuen sold 56,500 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $213.80, for a total value of $12,079,700.00. Also, CEO William M. Brown sold 130,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $214.52, for a total value of $27,887,600.00. In the last ninety days, insiders sold 511,068 shares of company stock valued at $108,033,097. 1.70% of the stock is currently owned by corporate insiders.

About L3Harris

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

Read More: Institutional Investors

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Institutional Ownership by Quarter for L3Harris (NYSE:LHX)

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