Jupiter Asset Management Ltd. has increased its stake in L3Harris Technologies Inc. (NYSE:LHX) by 12.5% during the third quarter of 2023, as indicated in its recent 13F filing with the Securities and Exchange Commission. The institutional investor now holds a total of 13,907 shares, having acquired an additional 1,542 shares during this period. As of the end of the most recent reporting, Jupiter’s holdings in L3Harris were valued at approximately $4.25 million.
Several other institutional investors have also shown interest in L3Harris Technologies. Notably, First Horizon Corp purchased a new stake during the same quarter, valued at $10.67 million. Merit Financial Group LLC raised its stake by an impressive 55.9%, bringing its total ownership to 9,989 shares, worth approximately $3.05 million after acquiring an additional 3,583 shares.
The Oregon Public Employees Retirement Fund also increased its holdings by 32.6%, now owning 21,324 shares valued at $6.51 million after adding 5,239 shares. Additionally, Mirae Asset Global Investments Co. Ltd. boosted its stake by 13.2%, holding 30,223 shares worth around $9.23 million. Crystal Rock Capital Management entered the scene with a new position valued at about $1.99 million. Altogether, institutional investors own approximately 84.76% of L3Harris stock.
Analyst Ratings and Stock Performance
L3Harris has been a point of focus for analysts, with various reports influencing perceptions of the stock. BNP Paribas Exane recently upgraded L3Harris to a “hold” rating, while Truist Financial set a target price of $364.00. Conversely, Wall Street Zen downgraded the stock from “buy” to “hold.” TD Cowen maintained a “buy” rating, and Royal Bank of Canada increased its target price from $360.00 to $365.00, assigning a “sector perform” rating.
Currently, a consensus rating of “Moderate Buy” exists among analysts, with an average target price set at $328.57. Out of the total ratings, 15 analysts have given a “buy” rating, while four have opted for “hold.”
Recent Insider Activity and Financial Metrics
In related financial activity, insider Samir Mehta sold 4,840 shares on February 5, 2024, at an average price of $338.85, totaling approximately $1.64 million. Following this sale, Mehta retains ownership of 5,916 shares, valued at around $2.00 million. This transaction reflects a 45.00% decrease in his position and was disclosed in a filing with the SEC.
As of the latest trading session, L3Harris Technologies stock opened at $355.84. The company’s fifty-day moving average stands at $328.43, while its 200-day moving average is $299.57. L3Harris reported a strong market capitalization of $66.46 billion, with a price-to-earnings (P/E) ratio of 41.72. The company’s stock has fluctuated significantly, with a fifty-two week low of $195.72 and a high of $369.59.
In its latest quarterly earnings report, released on January 29, 2024, L3Harris reported earnings per share (EPS) of $2.86, exceeding analysts’ expectations of $2.76. The company generated revenue of $5.65 billion, slightly below the consensus estimate of $5.76 billion. Notably, L3Harris achieved a net margin of 7.35% and a return on equity of 10.43%, with revenues up 2.3% from the same quarter the previous year.
Recently, L3Harris announced an increase in its quarterly dividend, which will be paid on March 20, 2024. Shareholders of record on March 6, 2024 will receive a dividend of $1.25, up from the previous rate of $1.20, reflecting an annualized dividend of $5.00 and a yield of 1.4%. The company’s dividend payout ratio currently stands at 56.27%.
L3Harris Technologies, headquartered in Melbourne, Florida, was formed in 2019 through the merger of L3 Technologies and Harris Corporation. The firm specializes in a wide array of technology solutions for government and commercial clients, focusing on defense, intelligence, and public safety applications. Its product offerings include communications systems, avionics, electronic warfare solutions, and intelligence, surveillance, and reconnaissance (ISR) technologies.
