10,200 L3Harris Technologies Inc $LHX Shares Sold by MGO One Seven LLC

Key Points

• MGO One Seven LLC cut its L3Harris stake by 58.9% in the third quarter, selling 10,200 shares and retaining 7,120 shares valued at about $1.69 million.
• Analyst views are mixed, but MarketBeat reports an overall “Moderate Buy” consensus and an average price target of $345.60. Shares opened at $259.61, down 6.5% as reported.
• L3Harris beat quarterly earnings and revenue estimates, with EPS of $3.28 and revenue of $6.07 billion; revenue rose 7.1% year over year. The company also declared a quarterly dividend of $1.25 per share.

MGO One Seven LLC lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 58.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,120 shares of the company's stock after selling 10,200 shares during the period. MGO One Seven LLC's holdings in L3Harris Technologies were worth $1,686,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of LHX. Miller Global Investments LLC boosted its stake in shares of L3Harris Technologies by 34.0% during the second quarter. Miller Global Investments LLC now owns 138 shares of the company's stock valued at $40,000 after purchasing an additional 35 shares in the last quarter. AlTi Global Inc. grew its holdings in shares of L3Harris Technologies by 4.3% during the first quarter. AlTi Global Inc. now owns 923 shares of the company's stock worth $319,000 after purchasing an additional 38 shares during the last quarter. Twin Lakes Capital Management LLC increased its stake in shares of L3Harris Technologies by 0.3% in the second quarter. Twin Lakes Capital Management LLC now owns 14,195 shares of the company's stock valued at $4,125,000 after buying an additional 38 shares during the period. Center for Financial Planning Inc. increased its stake in shares of L3Harris Technologies by 18.8% in the third quarter. Center for Financial Planning Inc. now owns 246 shares of the company's stock valued at $58,000 after buying an additional 39 shares during the period. Finally, Signature Equity Partners LLC increased its stake in shares of L3Harris Technologies by 2.3% in the first quarter. Signature Equity Partners LLC now owns 1,863 shares of the company's stock valued at $643,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Ratings Changes

LHX has been the topic of several recent research reports. Melius Research downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, September 8th. UBS Group upped their price target on shares of L3Harris Technologies from $264.00 to $293.00 and gave the company a "neutral" rating in a research report on Friday, October 30th. TD Cowen cut their price target on shares of L3Harris Technologies from $370.00 to $280.00 and set a "buy" rating on the stock in a report on Friday, October 9th. Argus lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Friday, September 25th. Finally, Weiss Ratings cut shares of L3Harris Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $345.60.

L3Harris Technologies Stock Down 6.5%

Shares of NYSE:LHX opened at $259.61 on Thursday. L3Harris Technologies Inc has a 1 year low of $232.34 and a 1 year high of $379.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05. The business's 50-day moving average is $250.27 and its 200-day moving average is $304.02. The company has a market capitalization of $48.34 billion, a price-to-earnings ratio of 24.22, a P/E/G ratio of 1.71 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, topping the consensus estimate of $2.95 by $0.33. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The business had revenue of $6.07 billion during the quarter, compared to analysts' expectations of $5.92 billion. During the same quarter last year, the firm posted $2.70 earnings per share. The firm's revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that L3Harris Technologies Inc will post 11.98 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, December 4th. L3Harris Technologies's dividend payout ratio is presently 46.64%.

L3Harris Technologies Profile

L3Harris Technologies, Inc is a technology and defense company that develops products and systems for government and commercial customers. Its offerings support aerospace, defense, space, communications, intelligence, surveillance and reconnaissance, electronic warfare, missile defense, and aviation missions.

The company provides secure communications equipment, tactical radios, sensors, avionics, electronic warfare systems, missile and air defense technologies, space payloads and systems, and other mission-critical solutions.

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