Deutsche Bank AG Sells 388,126 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Deutsche Bank AG has significantly reduced its stake in L3Harris Technologies by 52.4%, selling 388,126 shares and retaining approximately 0.19% ownership worth $73.7 million.
• Multiple research firms have upgraded their target prices for L3Harris Technologies, with Truist Financial increasing it from $279 to $302, while UBS raised it to $280.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, representing an annualized dividend yield of 1.8% with a dividend payout ratio of 53.63%.

Deutsche Bank AG lowered its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 52.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,274 shares of the company's stock after selling 388,126 shares during the period. Deutsche Bank AG owned approximately 0.19% of L3Harris Technologies worth $73,734,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of LHX. Clearstead Trust LLC bought a new stake in L3Harris Technologies during the first quarter worth about $26,000. Beacon Capital Management LLC lifted its stake in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after buying an additional 111 shares in the last quarter. Park Square Financial Group LLC bought a new position in shares of L3Harris Technologies in the fourth quarter worth approximately $37,000. Finally, Cornerstone Planning Group LLC lifted its stake in shares of L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after buying an additional 139 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. UBS Group upped their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Susquehanna upped their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Royal Bank Of Canada upped their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Finally, Barclays increased their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $279.47.

Insiders Place Their Bets

In related news, insider Edward J. Zoiss sold 2,000 shares of the firm'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 completion of the transaction, the insider directly owned 25,325 shares of the company's stock, 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 SEC, which is accessible through this link. Also, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction 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 $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 107,061 shares of company stock valued at $28,227,077. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Down 1.5%

Shares of LHX stock opened at $269.69 on Monday. The company has a 50 day simple moving average of $258.25 and a two-hundred day simple moving average of $229.92. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The stock has a market cap of $50.46 billion, a P/E ratio of 30.13, a P/E/G ratio of 1.97 and a beta of 0.77. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion during 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 company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $3.24 earnings per share. On average, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's dividend payout ratio is 53.63%.

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.

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