Healthcare of Ontario Pension Plan Trust Fund Takes Position in L3Harris Technologies, Inc. (NYSE:LHX)

Healthcare of Ontario Pension Plan Trust Fund 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 43,000 shares of the company’s stock, valued at approximately $10,228,000.

Other institutional investors have also modified their holdings of the company. KCM Investment Advisors LLC boosted its holdings in shares of L3Harris Technologies by 43.8% in the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after buying an additional 5,868 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of L3Harris Technologies by 17.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after buying an additional 6,634 shares in the last quarter. Creative Planning boosted its holdings in shares of L3Harris Technologies by 1.2% in the 3rd quarter. Creative Planning now owns 41,588 shares of the company’s stock valued at $9,893,000 after buying an additional 512 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of L3Harris Technologies in the 2nd quarter valued at about $210,886,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at about $35,904,000. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LHX. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Truist Financial lifted their target price on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Citigroup lifted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada lifted their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.67.

L3Harris Technologies Price Performance

NYSE:LHX opened at $245.33 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The firm has a market cap of $46.53 billion, a price-to-earnings ratio of 38.76, a price-to-earnings-growth ratio of 2.01 and a beta of 0.72. The company has a 50 day moving average price of $245.96 and a 200-day moving average price of $233.88. L3Harris Technologies, Inc. has a 1-year low of $187.68 and a 1-year high of $265.74.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.19 EPS. Equities research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s payout ratio is presently 73.30%.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 8,964 shares of company stock valued at $2,179,119. 0.82% of the stock is owned by corporate insiders.

About L3Harris Technologies

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.