Arkadios Wealth Advisors Purchases 921 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Arkadios Wealth Advisors increased its stake in L3Harris Technologies by 63.4%, owning 2,373 shares worth approximately $497,000.
• Insider Edward J. Zoiss sold 2,000 shares of L3Harris stock, decreasing his ownership by 7.32%, while CEO Christopher E. Kubasik sold 72,000 shares, reducing his stake by 33.09%.
• L3Harris Technologies announced a quarterly dividend of $1.20, with an annualized dividend yield of 1.7% and a payout ratio of 53.63%.

Arkadios Wealth Advisors raised its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 63.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,373 shares of the company's stock after buying an additional 921 shares during the quarter. Arkadios Wealth Advisors' holdings in L3Harris Technologies were worth $497,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in shares of L3Harris Technologies by 15.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after purchasing an additional 311,886 shares during the period. FMR LLC increased its position in shares of L3Harris Technologies by 11.5% during the fourth quarter. FMR LLC now owns 2,261,999 shares of the company's stock worth $475,653,000 after buying an additional 233,968 shares during the period. Invesco Ltd. increased its position in shares of L3Harris Technologies by 30.5% during the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock worth $469,992,000 after buying an additional 522,861 shares during the period. Northern Trust Corp increased its position in shares of L3Harris Technologies by 7.7% during the fourth quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock worth $342,975,000 after buying an additional 116,266 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of L3Harris Technologies by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,412,818 shares of the company's stock worth $297,087,000 after buying an additional 14,344 shares during the period. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider directly owned 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the sale, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,061 shares of company stock valued at $28,227,077 over the last quarter. 0.72% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on LHX shares. Wells Fargo & Company decreased their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and boosted their target price for the company from $198.00 to $263.00 in a research report on Friday, April 11th. Robert W. Baird boosted their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, UBS Group boosted their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Stock Performance

LHX traded down $0.65 during trading on Wednesday, hitting $277.57. 1,294,793 shares of the company traded hands, compared to its average volume of 1,447,602. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The stock's fifty day moving average is $256.47 and its 200 day moving average is $228.74. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $51.93 billion, a P/E ratio of 31.01, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The company had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. L3Harris Technologies's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.24 EPS. As a group, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is currently 53.63%.

L3Harris Technologies Company 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.