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First Western Trust Bank Reduces Stock Holdings in L3Harris Technologies Inc (NYSE:LHX)

L3Harris Technologies logo with Aerospace background

Key Points

  • First Western Trust Bank reduced its holdings in L3Harris Technologies by 8.0%, selling 988 shares and now holds 11,359 shares valued at $2,378,000.
  • L3Harris Technologies recently reported a quarterly earnings per share of $2.78, exceeding analyst expectations, with a revenue of $5.43 billion, which is a 2.4% increase compared to the previous year.
  • The company announced a quarterly dividend of $1.20 per share, representing a yield of 1.8%, with an ex-dividend date set for September 5th.
  • Looking to Export and Analyze L3Harris Technologies Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

First Western Trust Bank lowered its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,359 shares of the company's stock after selling 988 shares during the period. First Western Trust Bank's holdings in L3Harris Technologies were worth $2,378,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Donoghue Forlines LLC purchased a new position in shares of L3Harris Technologies in the 1st quarter worth approximately $1,457,000. Townsquare Capital LLC lifted its stake in L3Harris Technologies by 72.8% during the 1st quarter. Townsquare Capital LLC now owns 6,031 shares of the company's stock valued at $1,262,000 after acquiring an additional 2,540 shares during the period. Zions Bancorporation National Association UT acquired a new stake in L3Harris Technologies during the 1st quarter valued at approximately $748,000. Founders Financial Alliance LLC acquired a new stake in L3Harris Technologies during the 1st quarter valued at approximately $244,000. Finally, Rezny Wealth Management Inc. lifted its stake in L3Harris Technologies by 11.1% during the 1st quarter. Rezny Wealth Management Inc. now owns 7,702 shares of the company's stock valued at $1,612,000 after acquiring an additional 771 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded down $4.12 during trading hours on Friday, reaching $269.69. 1,639,160 shares of the company's stock were exchanged, compared to its average volume of 1,441,700. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The company has a market capitalization of $50.46 billion, a P/E ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. The business has a fifty day moving average of $258.25 and a two-hundred day moving average of $229.92. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released 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 net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the prior year, the firm earned $3.24 earnings per share. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm 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. 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 presently 53.63%.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the company'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 completion of the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $39,472,018.92. This represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the company's 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 sale, the insider directly 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 disclosure for this sale can be found here. Insiders have sold 107,061 shares of company stock valued at $28,227,077 in the last ninety days. Insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

LHX has been the subject of several research reports. Susquehanna lifted their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. 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, July 25th. Citigroup boosted their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Barclays boosted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Truist Financial boosted their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" 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's stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

View Our Latest Analysis on LHX

L3Harris Technologies Profile

(Free Report)

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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Institutional Ownership by Quarter for L3Harris Technologies (NYSE:LHX)

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