L3Harris Technologies, Inc. (NYSE:LHX) Position Reduced by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. reduced its position in shares of L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 51.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,906 shares of the company's stock after selling 91,953 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in L3Harris Technologies were worth $18,275,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock worth $4,895,534,000 after buying an additional 401,168 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of L3Harris Technologies by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock worth $1,004,418,000 after buying an additional 53,787 shares in the last quarter. FMR LLC increased its holdings in L3Harris Technologies by 11.5% during the 4th quarter. FMR LLC now owns 2,261,999 shares of the company's stock valued at $475,653,000 after acquiring an additional 233,968 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after purchasing an additional 522,861 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of L3Harris Technologies in the fourth quarter valued at approximately $398,507,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Down 1.0 %

Shares of NYSE LHX traded down $2.29 during trading on Friday, reaching $217.62. 1,352,792 shares of the stock were exchanged, compared to its average volume of 1,014,825. The business's 50-day moving average price is $212.38 and its 200 day moving average price is $221.56. The company has a market capitalization of $40.85 billion, a price-to-earnings ratio of 27.66, a price-to-earnings-growth ratio of 2.42 and a beta of 0.71. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the company earned $3.06 earnings per share. L3Harris Technologies's quarterly revenue was down 1.5% on a year-over-year basis. As a group, equities analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on LHX shares. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and increased their target price for the company from $198.00 to $263.00 in a report on Friday, April 11th. Citigroup decreased their target price on shares of L3Harris Technologies from $285.00 to $245.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Susquehanna reduced their price target on L3Harris Technologies from $300.00 to $258.00 and set a "positive" rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company lowered their price objective on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $240.00 target price on shares of L3Harris Technologies in a research report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $256.56.

Insider Transactions at L3Harris Technologies

In other news, insider Jon Rambeau sold 3,178 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $226.00, for a total transaction of $718,228.00. Following the transaction, the insider now directly owns 2,797 shares of the company's stock, valued at approximately $632,122. This trade represents a 53.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward J. Zoiss sold 1,783 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $211.48, for a total transaction of $377,068.84. Following the completion of the transaction, the insider now owns 30,620 shares of the company's stock, valued at $6,475,517.60. This represents a 5.50 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

L3Harris Technologies Profile

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.