Crystal Rock Capital Management Invests $1.99 Million in L3Harris Technologies Inc $LHX

Crystal Rock Capital Management purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 6,525 shares of the company’s stock, valued at approximately $1,993,000. L3Harris Technologies makes up 1.1% of Crystal Rock Capital Management’s investment portfolio, making the stock its 25th largest holding.

Several other hedge funds have also added to or reduced their stakes in the stock. Sunesis Advisors LLC purchased a new position in L3Harris Technologies in the third quarter valued at about $223,000. RFG Advisory LLC lifted its stake in L3Harris Technologies by 26.3% in the third quarter. RFG Advisory LLC now owns 1,690 shares of the company’s stock valued at $516,000 after purchasing an additional 352 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in L3Harris Technologies by 50.9% during the third quarter. Smartleaf Asset Management LLC now owns 1,544 shares of the company’s stock valued at $459,000 after purchasing an additional 521 shares during the period. Canada Post Corp Registered Pension Plan increased its position in L3Harris Technologies by 33.2% in the third quarter. Canada Post Corp Registered Pension Plan now owns 4,010 shares of the company’s stock worth $1,191,000 after buying an additional 1,000 shares during the last quarter. Finally, Twin Capital Management Inc. lifted its position in shares of L3Harris Technologies by 114.5% during the 3rd quarter. Twin Capital Management Inc. now owns 2,151 shares of the company’s stock valued at $657,000 after buying an additional 1,148 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 14,171 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $301.05, for a total transaction of $4,266,179.55. Following the transaction, the chief executive officer directly owned 144,426 shares in the company, valued at $43,479,447.30. This trade represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the completion of the sale, the insider owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $349.62 on Monday. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $369.59. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The firm has a market capitalization of $65.40 billion, a price-to-earnings ratio of 40.99, a PEG ratio of 2.52 and a beta of 0.64. The company’s fifty day moving average price is $314.93 and its 200-day moving average price is $294.55.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period in the previous year, the business earned $3.47 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is presently 58.62%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LHX. Wall Street Zen cut L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Vertical Research restated a “buy” rating and issued a $355.00 price objective on shares of L3Harris Technologies in a research report on Tuesday, January 13th. UBS Group upped their target price on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Finally, Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Fifteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $328.57.

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.