Allspring Global Investments Holdings LLC Has $486.90 Million Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Allspring Global Investments Holdings LLC boosted its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,321,324 shares of the company's stock after purchasing an additional 311,886 shares during the period. L3Harris Technologies comprises 0.8% of Allspring Global Investments Holdings LLC's holdings, making the stock its 12th largest position. Allspring Global Investments Holdings LLC owned about 1.24% of L3Harris Technologies worth $486,898,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. raised its holdings in L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after acquiring an additional 82 shares during the period. Millstone Evans Group LLC bought a new position in L3Harris Technologies in the 4th quarter valued at about $26,000. Beacon Capital Management LLC raised its holdings in L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in L3Harris Technologies by 336.4% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after acquiring an additional 111 shares during the period. Finally, Park Square Financial Group LLC bought a new position in L3Harris Technologies in the 4th quarter valued at about $37,000. 84.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on LHX. Citigroup increased their price target on shares of L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a report on Monday, June 9th. Jefferies Financial Group lowered their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, March 31st. UBS Group raised their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and raised their target price for the stock from $198.00 to $263.00 in a report on Friday, April 11th. Finally, Truist Financial lowered their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average target price of $258.75.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX opened at $247.52 on Friday. The company's 50 day simple moving average is $234.39 and its 200 day simple moving average is $219.10. The stock has a market capitalization of $46.27 billion, a price-to-earnings ratio of 29.36, a price-to-earnings-growth ratio of 1.97 and a beta of 0.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.09. The firm had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The company's revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.06 earnings per share. As a group, research analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.94%. L3Harris Technologies's payout ratio is presently 56.94%.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the transaction, the chief executive officer now owns 145,572 shares in the company, valued at approximately $36,171,730.56. The trade was a 18.51% 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 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider now owns 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% 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.

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