Penserra Capital Management LLC Boosts Stock Holdings in L3Harris Technologies Inc $LHX

Penserra Capital Management LLC grew its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 61.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,533 shares of the company’s stock after buying an additional 3,995 shares during the quarter. Penserra Capital Management LLC’s holdings in L3Harris Technologies were worth $3,216,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC lifted its position in L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock valued at $901,000 after purchasing an additional 3,001 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in L3Harris Technologies during the 2nd quarter valued at $162,000. QRG Capital Management Inc. boosted its position in L3Harris Technologies by 21.1% during the 2nd quarter. QRG Capital Management Inc. now owns 3,199 shares of the company’s stock valued at $803,000 after buying an additional 558 shares during the period. Wealthcare Advisory Partners LLC grew its holdings in L3Harris Technologies by 10.1% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,434 shares of the company’s stock worth $360,000 after acquiring an additional 131 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new position in shares of L3Harris Technologies in the second quarter valued at about $318,000. Institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling

In related news, CEO Christopher E. Kubasik sold 14,171 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the transaction, the chief executive officer directly owned 144,426 shares of the company’s stock, valued at approximately $43,479,447.30. The trade was a 8.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the subject of a number of analyst reports. BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a report on Tuesday, November 18th. Morgan Stanley lifted their price objective on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings raised L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a research report on Monday, January 12th. Fifteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $342.41 on Friday. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $369.59. The firm has a market capitalization of $64.05 billion, a P/E ratio of 40.14, a P/E/G ratio of 2.44 and a beta of 0.64. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $313.50 and a two-hundred day simple moving average of $293.56.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period last year, the business earned $3.47 EPS. L3Harris Technologies’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $1.25 per share. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 annualized dividend and a yield of 1.5%. L3Harris Technologies’s dividend payout ratio is 58.62%.

About L3Harris Technologies

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.