Focused Investors LLC Lowers Stock Position in L3Harris Technologies Inc $LHX

Key Points

• Focused Investors LLC cut its position in L3Harris by 2.5% to 437,200 shares, a holding worth about $128.35 million that represents ~0.23% of the company and is its 14th largest position.
• Institutional ownership of LHX is high at 84.76%, while insiders have recently sold 19,025 shares (about $6.82 million) and now own roughly 0.68% of the stock.
• Analysts hold a consensus "Moderate Buy" with a target of $349.55; L3Harris beat Q4 EPS estimates and raised its quarterly dividend to $1.25 ($5.00 annual, ~1.4% yield).

Focused Investors LLC lessened its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 437,200 shares of the company's stock after selling 11,250 shares during the quarter. L3Harris Technologies accounts for about 4.1% of Focused Investors LLC's holdings, making the stock its 14th biggest position. Focused Investors LLC owned approximately 0.23% of L3Harris Technologies worth $128,349,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in LHX. Brighton Jones LLC grew its stake in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares during the period. Jump Financial LLC boosted its holdings in L3Harris Technologies by 14.9% during the second quarter. Jump Financial LLC now owns 2,995 shares of the company's stock worth $751,000 after buying an additional 388 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in L3Harris Technologies by 14.2% during the second quarter. NewEdge Advisors LLC now owns 17,082 shares of the company's stock worth $4,285,000 after buying an additional 2,130 shares in the last quarter. Nebula Research & Development LLC acquired a new position in L3Harris Technologies during the second quarter worth about $856,000. Finally, CIBC Asset Management Inc grew its position in L3Harris Technologies by 116.2% during the second quarter. CIBC Asset Management Inc now owns 61,988 shares of the company's stock worth $15,549,000 after buying an additional 33,321 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LHX. UBS Group lifted their price target on shares of L3Harris Technologies to $323.00 and gave the company a "neutral" rating in a research report on Wednesday, January 14th. TD Cowen restated a "buy" rating on shares of L3Harris Technologies in a report on Monday, January 5th. Citigroup upped their price target on L3Harris Technologies from $389.00 to $418.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. Vertical Research restated a "buy" rating and issued a $355.00 price target on shares of L3Harris Technologies in a report on Tuesday, January 13th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $349.55.

Insider Activity at L3Harris Technologies

In related news, VP Melanie Rakita sold 751 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $278,110.32. Following the sale, the vice president directly owned 4,131 shares of the company's stock, valued at approximately $1,529,791.92. This represents a 15.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares in the company, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 19,025 shares of company stock valued at $6,824,370. Insiders own 0.68% of the company's stock.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $349.76 on Monday. The stock has a market cap of $65.33 billion, a price-to-earnings ratio of 41.00, a PEG ratio of 1.77 and a beta of 0.62. L3Harris Technologies Inc has a 52 week low of $208.11 and a 52 week high of $379.23. The company's 50-day moving average price is $355.54 and its 200 day moving average price is $321.84. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. The firm had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm's revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.47 EPS. As a group, research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's dividend payout ratio is currently 58.62%.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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