Harrell Investment Partners LLC Cuts Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Harrell Investment Partners LLC reduced its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 29.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,983 shares of the company's stock after selling 2,484 shares during the quarter. Harrell Investment Partners LLC's holdings in L3Harris Technologies were worth $1,252,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Belpointe Asset Management LLC boosted its stake in L3Harris Technologies by 0.7% during the 4th quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company's stock valued at $1,476,000 after purchasing an additional 52 shares during the last quarter. Klingman & Associates LLC boosted its stake in L3Harris Technologies by 2.8% during the 4th quarter. Klingman & Associates LLC now owns 1,933 shares of the company's stock valued at $406,000 after purchasing an additional 53 shares during the last quarter. CWC Advisors LLC. boosted its stake in L3Harris Technologies by 2.1% during the 4th quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock valued at $546,000 after purchasing an additional 53 shares during the last quarter. Zullo Investment Group Inc. boosted its stake in L3Harris Technologies by 3.2% during the 4th quarter. Zullo Investment Group Inc. now owns 1,717 shares of the company's stock valued at $361,000 after purchasing an additional 54 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in L3Harris Technologies by 0.6% during the 4th quarter. Citizens Financial Group Inc. RI now owns 8,908 shares of the company's stock valued at $1,873,000 after purchasing an additional 54 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

NYSE LHX opened at $248.78 on Thursday. The company has a market capitalization of $46.51 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 2.00 and a beta of 0.74. 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 business's fifty day moving average is $230.29 and its 200 day moving average is $218.52. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The company had revenue of $5.13 billion for 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 period in the previous year, the business earned $3.06 earnings per share. Sell-side analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $4.80 annualized dividend and a yield of 1.93%. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Analyst Ratings Changes

LHX has been the topic of several recent analyst reports. Truist Financial cut their target price on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Jefferies Financial Group cut their target price on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and raised their price target for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Wells Fargo & Company dropped their price target on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, UBS Group raised their price target on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $258.75.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the sale, the chief executive officer now directly owns 145,572 shares of the company's stock, valued at $36,171,730.56. This trade represents a 18.51% decrease in their ownership of the stock. 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 firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider now directly owns 25,325 shares in the company, valued at approximately $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

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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