Ipswich Investment Management Co. Inc. Sells 4,487 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Ipswich Investment Management Co. Inc. trimmed its holdings in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 49.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,658 shares of the company's stock after selling 4,487 shares during the period. Ipswich Investment Management Co. Inc.'s holdings in L3Harris Technologies were worth $975,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. raised its position in shares of L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after buying an additional 82 shares in the last quarter. Millstone Evans Group LLC bought a new stake in shares of L3Harris Technologies during the fourth quarter worth $26,000. Bradley & Co. Private Wealth Management LLC acquired a new position in L3Harris Technologies in the 4th quarter worth about $27,000. Roxbury Financial LLC bought a new position in L3Harris Technologies in the 4th quarter valued at approximately $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after acquiring an additional 111 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. UBS Group boosted their price target 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. Citigroup increased their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Jefferies Financial Group reduced their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a report on Monday, March 31st. Wells Fargo & Company decreased their price target on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Truist Financial dropped their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $258.75.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded up $6.67 during trading hours on Friday, reaching $257.06. The company had a trading volume of 3,049,243 shares, compared to its average volume of 1,122,630. L3Harris Technologies, Inc. has a one year low of $193.09 and a one year high of $265.74. The business has a fifty day simple moving average of $227.95 and a 200 day simple moving average of $218.45. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. The firm has a market cap of $48.06 billion, a PE ratio of 32.66, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.09. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company earned $3.06 EPS. The company's quarterly revenue was down 1.5% compared to the same quarter last year. On average, analysts anticipate 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 Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio is currently 56.94%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the sale, the insider now owns 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is owned by corporate 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.