Financial Counselors Inc. Takes Position in L3Harris Technologies Inc (NYSE:LHX)

Financial Counselors Inc. purchased a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,414 shares of the company's stock, valued at approximately $296,000.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in L3Harris Technologies by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock valued at $4,895,534,000 after acquiring an additional 401,168 shares in the last quarter. Geode Capital Management LLC raised its holdings in L3Harris Technologies by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock valued at $1,004,418,000 after acquiring an additional 53,787 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after acquiring an additional 311,886 shares in the last quarter. FMR LLC raised its holdings in L3Harris Technologies by 11.5% in the fourth 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 in the last quarter. Finally, Invesco Ltd. raised its holdings in L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after acquiring an additional 522,861 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on LHX. Jefferies Financial Group reduced their target price 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. Susquehanna set a $300.00 price target on shares of L3Harris Technologies and gave the company a "positive" rating in a research note on Monday. Citigroup increased their price target on shares of L3Harris Technologies from $280.00 to $300.00 and gave the company a "buy" rating in a research note on Monday. Wells Fargo & Company lowered their target price 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, UBS Group raised their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $263.81.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded up $3.00 during midday trading on Monday, reaching $262.55. The company's stock had a trading volume of 962,323 shares, compared to its average volume of 1,159,202. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. 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's 50 day simple moving average is $242.10 and its 200 day simple moving average is $221.85. The firm has a market capitalization of $49.08 billion, a PE ratio of 31.14, a P/E/G ratio of 2.03 and a beta of 0.75.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. L3Harris Technologies's quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.06 earnings per share. On average, equities research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The stock was 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. The trade was a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction 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 transaction, the chief executive officer directly owned 145,572 shares of the company's stock, valued at $36,171,730.56. This trade represents a 18.51% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

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.