L3Harris Technologies Inc (NYSE:LHX) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. cut its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 9.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,313,317 shares of the company's stock after selling 143,303 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.70% of L3Harris Technologies worth $274,890,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its holdings in L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after buying an additional 82 shares in the last quarter. Beacon Capital Management LLC increased its holdings in L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its holdings in L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after buying an additional 111 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at about $37,000. Finally, Cornerstone Planning Group LLC lifted its holdings 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 valued at $39,000 after purchasing an additional 139 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on LHX. Truist Financial upped their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and upped their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Citigroup upped their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday. Jefferies Financial Group reduced their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, 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 note on Friday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $276.53.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

L3Harris Technologies Trading Down 1.5%

Shares of NYSE:LHX traded down $4.15 during trading on Friday, reaching $269.07. 1,965,092 shares of the stock were exchanged, compared to its average volume of 1,267,688. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.04. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $280.03. The firm has a market cap of $50.30 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 2.13 and a beta of 0.75. The firm's 50-day moving average price is $250.37 and its 200 day moving average price is $225.17.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results 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. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same quarter in the previous year, the business earned $3.24 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.78%. 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.