Confluence Wealth Services Inc. Has $274,000 Stake in L3Harris Technologies Inc (NYSE:LHX)

Confluence Wealth Services Inc. cut its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 78.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,269 shares of the company's stock after selling 4,536 shares during the period. Confluence Wealth Services Inc.'s holdings in L3Harris Technologies were worth $274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its position in L3Harris Technologies by 234.3% during the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after acquiring an additional 82 shares during the last quarter. Millstone Evans Group LLC acquired a new position in L3Harris Technologies in the 4th quarter valued at about $26,000. Beacon Capital Management LLC boosted 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 purchasing an additional 58 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted 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 purchasing an additional 111 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new position in shares of L3Harris Technologies in the 4th quarter worth approximately $37,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

Shares of LHX stock traded up $1.69 during mid-day trading on Tuesday, hitting $252.53. The stock had a trading volume of 957,380 shares, compared to its average volume of 1,146,799. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The company's 50-day simple moving average is $235.13 and its 200-day simple moving average is $219.19. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The firm has a market cap of $47.21 billion, a PE ratio of 29.96, a PEG ratio of 2.00 and a beta of 0.75.

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

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were given 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 1.90%. L3Harris Technologies's payout ratio is currently 56.94%.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the transaction, the chief executive officer owned 145,572 shares in the company, valued at $36,171,730.56. This represents a 18.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares of the company's stock, valued at $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 Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Truist Financial decreased their price objective 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. Jefferies Financial Group cut 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. UBS Group upped their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup increased their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus target price of $258.75.

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.