AIA Group Ltd Buys 29,658 Shares of L3Harris Technologies Inc $LHX

AIA Group Ltd boosted its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 820.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,271 shares of the company’s stock after acquiring an additional 29,658 shares during the quarter. AIA Group Ltd’s holdings in L3Harris Technologies were worth $10,161,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Horizon Corp bought a new position in shares of L3Harris Technologies in the third quarter valued at approximately $10,667,000. Merit Financial Group LLC grew its position in L3Harris Technologies by 55.9% during the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock worth $3,051,000 after acquiring an additional 3,583 shares during the last quarter. Korea Investment CORP increased its holdings in L3Harris Technologies by 11.2% during the 3rd quarter. Korea Investment CORP now owns 153,567 shares of the company’s stock valued at $46,901,000 after purchasing an additional 15,408 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in L3Harris Technologies by 13.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock valued at $9,230,000 after purchasing an additional 3,532 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in L3Harris Technologies by 32.6% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock valued at $6,513,000 after purchasing an additional 5,239 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $368.66 on Thursday. The firm’s 50 day moving average price is $352.48 and its two-hundred day moving average price is $310.75. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies Inc has a 52-week low of $195.72 and a 52-week high of $379.23. The stock has a market cap of $68.86 billion, a PE ratio of 43.22, a PEG ratio of 2.66 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.47 EPS. As a group, analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be issued a $1.25 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s dividend payout ratio is currently 58.62%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on LHX shares. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a report on Friday, February 6th. UBS Group increased their price objective on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Wall Street Zen cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Finally, Morgan Stanley boosted their target price on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $328.57.

Insider Activity at L3Harris Technologies

In related news, VP Melanie Rakita sold 751 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $278,110.32. Following the sale, the vice president directly owned 4,131 shares in the company, valued at $1,529,791.92. This trade represents a 15.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. The trade was a 41.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 19,025 shares of company stock worth $6,824,370. 0.72% of the stock is owned by insiders.

L3Harris Technologies Company Profile

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.