Waratah Capital Advisors Ltd. Takes $4.51 Million Position in L3Harris (NYSE:LHX)
Waratah Capital Advisors Ltd. acquired a new stake in L3Harris (NYSE:LHX) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 21,633 shares of the company’s stock, valued at approximately $4,514,000.
Several other institutional investors and hedge funds have also modified their holdings of LHX. Somerset Trust Co raised its holdings in shares of L3Harris by 0.5% during the third quarter. Somerset Trust Co now owns 15,031 shares of the company’s stock worth $3,136,000 after acquiring an additional 76 shares during the period. Carroll Financial Associates Inc. boosted its position in L3Harris by 19.9% during the 3rd quarter. Carroll Financial Associates Inc. now owns 494 shares of the company’s stock worth $103,000 after acquiring an additional 82 shares during the last quarter. Squar Milner Financial Services LLC boosted its position in L3Harris by 500.0% during the 3rd quarter. Squar Milner Financial Services LLC now owns 120 shares of the company’s stock worth $25,000 after acquiring an additional 100 shares during the last quarter. Versant Capital Management Inc boosted its position in L3Harris by 246.5% during the 3rd quarter. Versant Capital Management Inc now owns 149 shares of the company’s stock worth $31,000 after acquiring an additional 106 shares during the last quarter. Finally, Sonora Investment Management LLC bought a new position in shares of L3Harris during the 3rd quarter worth approximately $26,000. Institutional investors and hedge funds own 81.36% of the company’s stock.
Several equities analysts have recently weighed in on LHX shares. Jefferies Financial Group raised their price objective on L3Harris from $235.00 to $250.00 and gave the company a “buy” rating in a report on Monday, September 16th. Barclays reissued a “buy” rating and issued a $270.00 target price on shares of L3Harris in a research note on Wednesday, October 9th. Morgan Stanley assumed coverage on shares of L3Harris in a research note on Tuesday, August 6th. They issued an “overweight” rating and a $259.00 price target for the company. ValuEngine downgraded shares of L3Harris from a “hold” rating to a “sell” rating in a research report on Thursday, October 17th. Finally, Cowen restated a “buy” rating and set a $210.00 price objective on shares of L3Harris in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $235.82.
L3Harris (NYSE:LHX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.19. L3Harris had a return on equity of 16.42% and a net margin of 12.02%. The firm had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.43 billion. The firm’s quarterly revenue was up 187.4% on a year-over-year basis. As a group, sell-side analysts expect that L3Harris will post 10 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.00 annualized dividend and a dividend yield of 1.55%. L3Harris’s dividend payout ratio (DPR) is presently 36.19%.
In related news, Director Thomas A. Dattilo purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was acquired at an average cost of $200.80 per share, for a total transaction of $200,800.00. Also, CEO William M. Brown sold 130,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $211.07, for a total value of $27,439,100.00. The disclosure for this sale can be found here. Insiders sold 423,052 shares of company stock worth $89,550,037 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
L3Harris Company Profile
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.
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