Burney Co. Cuts Stake in L3Harris Technologies Inc (NYSE:LHX)

Burney Co. cut its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,793 shares of the company's stock after selling 1,696 shares during the period. Burney Co.'s holdings in L3Harris Technologies were worth $12,306,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after buying an additional 3,001 shares during the last quarter. Teacher Retirement System of Texas increased its stake in L3Harris Technologies by 235.2% in the 4th quarter. Teacher Retirement System of Texas now owns 11,190 shares of the company's stock valued at $2,353,000 after buying an additional 7,852 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in L3Harris Technologies in the 4th quarter valued at $26,000. LPL Financial LLC increased its stake in L3Harris Technologies by 2.6% in the 4th quarter. LPL Financial LLC now owns 226,199 shares of the company's stock valued at $47,565,000 after buying an additional 5,746 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in L3Harris Technologies by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock valued at $4,895,534,000 after buying an additional 401,168 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded down $4.15 during mid-day trading on Friday, hitting $269.07. 1,964,385 shares of the company traded hands, compared to its average volume of 1,465,934. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.03. The stock has a market cap of $50.30 billion, a price-to-earnings ratio of 31.92, a price-to-earnings-growth ratio of 2.10 and a beta of 0.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02. The stock has a fifty day moving average price of $250.37 and a 200-day moving average price of $225.17.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the previous year, the business posted $3.24 earnings per share. L3Harris Technologies's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share 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. Stockholders of record on Friday, September 5th will be issued a $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.78%. L3Harris Technologies's payout ratio is 56.94%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LHX. Jefferies Financial Group decreased their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Susquehanna lifted their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their target price for the stock from $198.00 to $263.00 in a report on Friday, April 11th. Finally, UBS Group lifted their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $275.18.

Insider Buying and Selling

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 sale, the chief executive officer directly owned 145,572 shares in the company, valued at $36,171,730.56. This represents a 18.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider directly owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. 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.