CIBC Bancorp USA Inc. Invests $7.88 Million in L3Harris Technologies Inc $LHX

CIBC Bancorp USA Inc. acquired a new stake in L3Harris Technologies Inc (NYSE:LHX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 25,807 shares of the company’s stock, valued at approximately $7,882,000.

Other large investors also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in shares of L3Harris Technologies by 1,053.9% during the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after buying an additional 1,079,474 shares during the period. Boston Partners increased its position in shares of L3Harris Technologies by 72.1% in the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after acquiring an additional 838,546 shares during the period. Balyasny Asset Management L.P. increased its position in shares of L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock valued at $194,482,000 after acquiring an additional 766,075 shares during the period. Artisan Partners Limited Partnership purchased a new position in L3Harris Technologies in the 3rd quarter worth $211,703,000. Finally, Two Sigma Investments LP lifted its position in L3Harris Technologies by 560.7% during the 3rd quarter. Two Sigma Investments LP now owns 614,287 shares of the company’s stock worth $187,609,000 after acquiring an additional 521,312 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on LHX shares. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, February 6th. Royal Bank Of Canada lifted their price objective on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Finally, Wall Street Zen lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Samir Mehta sold 5,528 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the sale, the insider owned 7,756 shares in the company, valued at $2,872,201.92. This represents a 41.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. This trade represents a 41.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 19,025 shares of company stock valued at $6,824,370. Corporate insiders own 0.72% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $353.20 on Friday. L3Harris Technologies Inc has a one year low of $195.72 and a one year high of $379.23. The stock has a market capitalization of $65.97 billion, a price-to-earnings ratio of 41.41, a PEG ratio of 2.62 and a beta of 0.63. The company has a 50-day simple moving average of $353.58 and a 200-day simple moving average of $311.64. 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 (NYSE:LHX) last issued its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same period last year, the company earned $3.47 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a dividend of $1.25 per share. The ex-dividend date was Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 1.4%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 58.62%.

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.