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Top Buys by Directors: Hay III's $2M Bet on LHX

By Market News Video Staff, Thursday, August 8, 11:06 AM ET
Play Video: One Reason For Insiders to Buy

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The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $2M by Lewis Hay III, Director at L3Harris Technologies Inc (NYSE:LHX).

Hay III bets big on LHX:

Purchased Insider Title Shares Price/Share Value
08/05/2019 Lewis Hay III Director 9,800 $203.34 $1,992,732.00

Hay III's average cost works out to $203.34/share. Shares of L3Harris Technologies Inc were changing hands at $212.80 at last check, trading up about 2.6% on Thursday. The chart below shows the one year performance of LHX shares, versus its 200 day moving average:

L3Harris Technologies Inc Chart

Looking at the chart above, LHX's low point in its 52 week range is $123.24 per share, with $213.25 as the 52 week high point — that compares with a last trade of $212.80.

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