FengHe Fund Management Pte. Ltd. Buys Shares of 270,500 L3Harris Technologies Inc $LHX

FengHe Fund Management Pte. Ltd. bought a new stake in L3Harris Technologies Inc (NYSE:LHX) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 270,500 shares of the company’s stock, valued at approximately $79,411,000. L3Harris Technologies comprises 4.5% of FengHe Fund Management Pte. Ltd.’s portfolio, making the stock its 9th largest position.

A number of other institutional investors also recently bought and sold shares of LHX. Caitlin John LLC bought a new position in L3Harris Technologies in the third quarter valued at about $28,000. American National Bank & Trust raised its stake in shares of L3Harris Technologies by 44.8% in the fourth quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after buying an additional 30 shares during the period. JPL Wealth Management LLC bought a new position in shares of L3Harris Technologies in the third quarter worth about $29,000. Triumph Capital Management bought a new position in shares of L3Harris Technologies in the third quarter worth about $31,000. Finally, GGM Financials LLC bought a new position in shares of L3Harris Technologies in the third quarter worth about $32,000. Institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Truist Financial set a $364.00 price objective on L3Harris Technologies in a research note on Wednesday, January 14th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Finally, Citigroup raised their price objective on L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $349.55.

L3Harris Technologies Stock Up 1.0%

Shares of LHX opened at $320.54 on Tuesday. The business’s 50 day moving average is $353.99 and its 200 day moving average is $323.14. The company has a market capitalization of $59.87 billion, a PE ratio of 37.58, a price-to-earnings-growth ratio of 1.60 and a beta of 0.62. L3Harris Technologies Inc has a 12-month low of $214.10 and a 12-month high of $379.23. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $3.47 EPS. Research analysts expect that L3Harris Technologies Inc will post 11.53 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, June 5th. L3Harris Technologies’s dividend payout ratio (DPR) is 58.62%.

Insider Activity at L3Harris Technologies

In related news, VP Melanie Rakita sold 751 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 $278,110.32. Following the sale, the vice president owned 4,131 shares of the company’s stock, valued at approximately $1,529,791.92. This trade represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies 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 $2,047,128.96. Following 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 19,025 shares of company stock valued at $6,824,370. 0.68% of the stock is owned by company insiders.

L3Harris Technologies 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.