Alpine Woods Capital Investors LLC Cuts Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Alpine Woods Capital Investors LLC cut its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 10.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,839 shares of the company's stock after selling 4,116 shares during the quarter. L3Harris Technologies makes up about 1.8% of Alpine Woods Capital Investors LLC's holdings, making the stock its 12th biggest holding. Alpine Woods Capital Investors LLC's holdings in L3Harris Technologies were worth $7,083,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LHX. Meeder Asset Management Inc. boosted its stake in L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after purchasing an additional 82 shares in the last quarter. Millstone Evans Group LLC bought a new position in L3Harris Technologies in the 4th quarter worth about $26,000. Beacon Capital Management LLC boosted its stake in L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake 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 worth $30,000 after purchasing an additional 111 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new position in L3Harris Technologies in the 4th quarter worth about $37,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

L3Harris Technologies stock traded down $0.50 during midday trading on Friday, hitting $259.60. The stock had a trading volume of 954,594 shares, compared to its average volume of 1,158,524. The firm's fifty day moving average is $242.10 and its two-hundred day moving average is $221.74. The company has a market capitalization of $48.53 billion, a PE ratio of 30.79, a P/E/G ratio of 2.03 and a beta of 0.75. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $265.74. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57.

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

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.85%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio is 56.94%.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the company's 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 completion of the transaction, the chief executive officer owned 145,572 shares in the company, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the company's 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 owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on LHX. Jefferies Financial Group lowered their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Wells Fargo & Company lowered their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and upped their target price for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Truist Financial upped their target price on shares of L3Harris Technologies from $260.00 to $279.00 and gave the company a "buy" rating in a research note on Friday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $259.94.

About L3Harris Technologies

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.