Canada Pension Plan Investment Board Increases Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Canada Pension Plan Investment Board lifted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 26.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,139 shares of the company's stock after buying an additional 36,247 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.09% of L3Harris Technologies worth $36,408,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its stake in L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after buying an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter worth $26,000. Bradley & Co. Private Wealth Management LLC bought a new stake in L3Harris Technologies during the fourth quarter valued at about $27,000. Roxbury Financial LLC purchased a new position in L3Harris Technologies in the fourth quarter valued at about $30,000. Finally, Union Bancaire Privee UBP SA bought a new position in L3Harris Technologies in the fourth quarter worth about $33,000. 84.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

LHX has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of L3Harris Technologies from $250.00 to $229.00 and set a "hold" rating on the stock in a research report on Thursday, January 2nd. Raymond James downgraded L3Harris Technologies from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. Sanford C. Bernstein raised L3Harris Technologies from a "market perform" rating to an "outperform" rating and lowered their price objective for the stock from $289.00 to $267.00 in a research report on Wednesday, January 8th. Barclays reduced their target price on L3Harris Technologies from $290.00 to $255.00 and set an "overweight" rating on the stock in a research report on Monday, January 6th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $240.00 price target on shares of L3Harris Technologies in a report on Friday, January 31st. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average target price of $257.50.

L3Harris Technologies Stock Performance

Shares of LHX traded up $1.32 during mid-day trading on Thursday, reaching $217.63. The company had a trading volume of 859,133 shares, compared to its average volume of 1,421,042. The stock has a 50 day moving average of $209.80 and a two-hundred day moving average of $222.59. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $40.85 billion, a P/E ratio of 27.65, a PEG ratio of 2.42 and a beta of 0.71. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.55 by ($0.14). L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. The firm had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. On average, analysts expect that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies's payout ratio is currently 60.99%.

Insider Activity

In related news, insider Jon Rambeau sold 3,178 shares of the business's 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 completion of the sale, the insider now owns 2,797 shares of the company's stock, valued at approximately $632,122. The trade was a 53.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 1,783 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were 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 directly owns 30,620 shares in the company, valued at $6,475,517.60. This 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 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.