Bank of Nova Scotia Increases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Bank of Nova Scotia boosted its holdings in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 795.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,309 shares of the company's stock after buying an additional 193,038 shares during the period. Bank of Nova Scotia owned approximately 0.11% of L3Harris Technologies worth $45,696,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of L3Harris Technologies by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock worth $4,895,534,000 after buying an additional 401,168 shares in the last quarter. Geode Capital Management LLC increased its holdings in L3Harris Technologies by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock worth $1,004,418,000 after acquiring an additional 53,787 shares during the period. FMR LLC lifted its stake in L3Harris Technologies by 11.5% in the 4th quarter. FMR LLC now owns 2,261,999 shares of the company's stock worth $475,653,000 after purchasing an additional 233,968 shares in the last quarter. Invesco Ltd. boosted its holdings in L3Harris Technologies by 30.5% in the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after purchasing an additional 522,861 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of L3Harris Technologies during the 4th quarter valued at $398,507,000. Institutional investors own 84.76% of the company's stock.

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Analysts Set New Price Targets

LHX has been the topic of a number of recent analyst reports. Raymond James downgraded L3Harris Technologies from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. JPMorgan Chase & Co. lowered their price target on L3Harris Technologies from $265.00 to $255.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Morgan Stanley cut their price objective on L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Truist Financial lowered their target price on shares of L3Harris Technologies from $283.00 to $274.00 and set a "buy" rating on the stock in a research note on Friday, January 31st. Finally, Sanford C. Bernstein upgraded shares of L3Harris Technologies from a "market perform" rating to an "outperform" rating and dropped their target price for the company from $289.00 to $267.00 in a research report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $256.94.

Insider Activity

In related news, insider Jon Rambeau sold 3,178 shares of L3Harris Technologies stock in a transaction on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the sale, the insider now owns 2,797 shares in the company, valued at $632,122. The trade was a 53.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 1,783 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the completion of the transaction, the insider now owns 30,620 shares of the company's stock, valued at $6,475,517.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

L3Harris Technologies Trading Up 0.5 %

LHX stock traded up $1.02 during trading on Monday, hitting $223.05. 310,397 shares of the company traded hands, compared to its average volume of 1,409,009. The company has a 50-day moving average of $207.62 and a 200-day moving average of $223.64. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. L3Harris Technologies, Inc. has a 1 year low of $193.09 and a 1 year high of $265.74. The firm has a market capitalization of $41.87 billion, a PE ratio of 28.34, a P/E/G ratio of 2.42 and a beta of 0.71.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, beating analysts' consensus estimates of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. Analysts predict that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were given a $1.20 dividend. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.15%. L3Harris Technologies's payout ratio is presently 60.99%.

L3Harris Technologies Company Profile

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.