Quarry LP Takes $539,000 Position in L3Harris Technologies, Inc. (NYSE:LHX)

Quarry LP bought a new stake in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,268 shares of the company's stock, valued at approximately $539,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Meeder Asset Management Inc. boosted its stake in shares of L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company's stock worth $27,000 after buying an additional 86 shares during the period. Archer Investment Corp raised its stake in shares of L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company's stock worth $31,000 after purchasing an additional 43 shares during the last quarter. Kennebec Savings Bank acquired a new stake in shares of L3Harris Technologies during the third quarter worth $36,000. Family Firm Inc. purchased a new position in L3Harris Technologies during the 2nd quarter worth $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of L3Harris Technologies in the 2nd quarter worth $57,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Argus raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 price target for the company in a report on Tuesday, November 26th. Bank of America raised L3Harris Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Wolfe Research upgraded shares of L3Harris Technologies from a "peer perform" rating to an "outperform" rating and set a $300.00 target price on the stock in a research report on Thursday, October 10th. Citigroup lifted their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada upped their price target on L3Harris Technologies from $240.00 to $265.00 and gave the stock a "sector perform" rating in a report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $269.67.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the firm's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the completion of the sale, the insider now directly owns 10,340 shares of the company's stock, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is owned by insiders.

L3Harris Technologies Stock Performance

LHX traded down $1.39 on Thursday, hitting $239.09. 422,810 shares of the company's stock were exchanged, compared to its average volume of 903,950. L3Harris Technologies, Inc. has a twelve month low of $193.34 and a twelve month high of $265.74. The firm has a market cap of $45.35 billion, a PE ratio of 37.60, a P/E/G ratio of 2.00 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The stock has a fifty day moving average of $246.57 and a two-hundred day moving average of $234.54.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.19 earnings per share. On average, research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.94%. The ex-dividend date is Monday, November 18th. L3Harris Technologies's payout ratio is currently 73.30%.

About L3Harris Technologies

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.