L3Harris Technologies Inc (NYSE:LHX) Shares Sold by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC reduced its stake in L3Harris Technologies by 21.7%, owning 4,058 shares worth $849,000 after selling 1,125 shares in the first quarter.
• Insider sells include CEO Christopher E. Kubasik, who sold 72,000 shares for approximately $19.5 million, representing a 33.09% decrease in his ownership.
• L3Harris Technologies reports a 2.4% increase in revenue year-over-year and an EPS of $2.78, beating analyst expectations.

Cary Street Partners Financial LLC lessened its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 21.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,058 shares of the company's stock after selling 1,125 shares during the quarter. Cary Street Partners Financial LLC's holdings in L3Harris Technologies were worth $849,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of LHX. Brighton Jones LLC boosted its stake in shares of L3Harris Technologies by 233.9% in the fourth 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 period. Federated Hermes Inc. lifted its stake in shares of L3Harris Technologies by 11.5% in the 4th quarter. Federated Hermes Inc. now owns 25,216 shares of the company's stock valued at $5,302,000 after acquiring an additional 2,598 shares during the last quarter. FMR LLC lifted its stake in shares of L3Harris Technologies by 11.5% in the 4th quarter. FMR LLC now owns 2,261,999 shares of the company's stock valued at $475,653,000 after acquiring an additional 233,968 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of L3Harris Technologies by 3.1% in the 4th quarter. Cerity Partners LLC now owns 59,460 shares of the company's stock valued at $12,764,000 after acquiring an additional 1,769 shares during the last quarter. Finally, FIL Ltd lifted its stake in shares of L3Harris Technologies by 71.9% in the 4th quarter. FIL Ltd now owns 227,079 shares of the company's stock valued at $47,750,000 after acquiring an additional 94,990 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

Shares of LHX stock traded down $4.12 during mid-day trading on Friday, reaching $269.69. 1,639,160 shares of the company's stock traded hands, compared to its average volume of 1,407,472. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The firm has a 50 day moving average price of $258.25 and a two-hundred day moving average price of $229.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The firm has a market capitalization of $50.46 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. The business 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%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.24 EPS. On average, research analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current 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 issued a dividend of $1.20 per share. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's payout ratio is presently 53.63%.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction that occurred 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 owned 25,325 shares in the company, valued at approximately $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,061 shares of company stock valued at $28,227,077. 0.72% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LHX. Truist Financial raised their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. UBS Group lifted their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Wall Street Zen lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Barclays lifted their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Susquehanna lifted their price objective on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

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.