HM Payson & Co. Increases Stock Position in L3Harris Technologies Inc (NYSE:LHX)

HM Payson & Co. boosted its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 503,112 shares of the company's stock after buying an additional 35,266 shares during the quarter. L3Harris Technologies accounts for 1.8% of HM Payson & Co.'s investment portfolio, making the stock its 14th largest position. HM Payson & Co. owned approximately 0.27% of L3Harris Technologies worth $105,306,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Koshinski Asset Management Inc. raised its holdings in shares of L3Harris Technologies by 3.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock valued at $353,000 after purchasing an additional 50 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in shares of L3Harris Technologies by 0.7% in 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 in the last quarter. CWC Advisors LLC. raised its holdings in shares of L3Harris Technologies by 2.1% in 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 in the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of L3Harris Technologies by 0.6% in 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 in the last quarter. Finally, Riverwater Partners LLC raised its holdings in shares of L3Harris Technologies by 3.1% in the 1st quarter. Riverwater Partners LLC now owns 1,773 shares of the company's stock valued at $371,000 after purchasing an additional 54 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LHX has been the topic of a number of analyst reports. Jefferies Financial Group reduced their price objective 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. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their price target for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Truist Financial cut their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, UBS Group lifted their price target on shares of 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 assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $258.75.

Insider Activity

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies 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 owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 33,061 shares of the business'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 directly owned 145,572 shares in the company, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded up $3.21 during midday trading on Friday, hitting $256.77. The stock had a trading volume of 575,399 shares, compared to its average volume of 1,151,636. The company has a market capitalization of $48.00 billion, a PE ratio of 30.46, a P/E/G ratio of 2.04 and a beta of 0.75. The stock has a 50 day moving average price of $238.25 and a two-hundred day moving average price of $220.27. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued 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 business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.29 billion. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The business's quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.06 earnings per share. As a group, equities analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend was Tuesday, June 3rd. L3Harris Technologies's payout ratio is 56.94%.

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.