13,400 L3Harris Technologies Inc $LHX Shares Sold by Factory Mutual Insurance Co.

Key Points

• Factory Mutual Insurance Co. cut its L3Harris stake by 15.1%, selling 13,400 shares in the third quarter; it retained 75,100 shares valued at about $17.8 million.
• L3Harris beat quarterly estimates, reporting EPS of $3.28 versus $2.95 expected and revenue of $6.07 billion, up 7.1% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $345.60. The company also announced a quarterly dividend of $1.25 per share.

Factory Mutual Insurance Co. lessened its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 15.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 75,100 shares of the company's stock after selling 13,400 shares during the period. Factory Mutual Insurance Co.'s holdings in L3Harris Technologies were worth $17,782,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Legacy Wealth Management LLC MS boosted its holdings in shares of L3Harris Technologies by 0.8% in the third quarter. Legacy Wealth Management LLC MS now owns 12,058 shares of the company's stock valued at $2,855,000 after acquiring an additional 98 shares in the last quarter. Tucker Asset Management LLC increased its stake in shares of L3Harris Technologies by 4.8% during the third quarter. Tucker Asset Management LLC now owns 1,429 shares of the company's stock valued at $338,000 after acquiring an additional 65 shares during the period. Signature Equity Partners LLC increased its stake in shares of L3Harris Technologies by 2.8% during the third quarter. Signature Equity Partners LLC now owns 1,925 shares of the company's stock valued at $456,000 after acquiring an additional 52 shares during the period. XML Financial LLC raised its holdings in L3Harris Technologies by 1.7% during the third quarter. XML Financial LLC now owns 9,102 shares of the company's stock worth $2,155,000 after purchasing an additional 151 shares in the last quarter. Finally, Welch Group LLC raised its holdings in L3Harris Technologies by 11.4% during the third quarter. Welch Group LLC now owns 1,190 shares of the company's stock worth $282,000 after purchasing an additional 122 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $277.12 on Wednesday. L3Harris Technologies Inc has a twelve month low of $232.34 and a twelve month high of $379.23. The company has a current ratio of 1.20, a quick ratio of 1.05 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average of $250.32 and a 200-day moving average of $304.42. The firm has a market cap of $51.60 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 1.68 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.95 by $0.33. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. The company had revenue of $6.07 billion for the quarter, compared to analysts' expectations of $5.92 billion. During the same quarter in the previous year, the company posted $2.70 EPS. The business's revenue was up 7.1% compared to the same quarter last year. Analysts forecast that L3Harris Technologies Inc will post 12.32 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors 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 yield of 1.8%. The ex-dividend date is Friday, December 4th. L3Harris Technologies's dividend payout ratio (DPR) is presently 46.64%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a research report on Tuesday, August 18th. Weiss Ratings cut L3Harris Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 10th. BNP Paribas Exane lowered their price target on L3Harris Technologies from $330.00 to $310.00 and set a "neutral" rating on the stock in a research report on Thursday, July 30th. Melius Research downgraded L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, September 8th. Finally, Bank of America upped their price objective on L3Harris Technologies from $325.00 to $375.00 and gave the company a "buy" rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $345.60.

L3Harris Technologies Company 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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