L3Harris Technologies Inc $LHX Shares Sold by Candelo Capital Management LP

Key Points

• Candelo Capital Management LP trimmed its L3Harris position by 19.7% in Q3, selling 4,178 shares and leaving it with 17,022 shares worth $5.20 million (4.5% of Candelo’s portfolio and its 7th largest holding).
• L3Harris declared a quarterly dividend increase to $1.25 per share (annualized $5.00), payable March 20, with an ex-dividend date of March 6, implying a 1.4% yield and a 58.62% payout ratio.
• Insiders sold heavily last quarter — 19,025 shares worth $6.82 million (including VP Melanie Rakita and Jon Rambeau) — leaving insiders owning 0.72% of the stock.

Candelo Capital Management LP trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 19.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,022 shares of the company's stock after selling 4,178 shares during the quarter. L3Harris Technologies makes up 4.5% of Candelo Capital Management LP's portfolio, making the stock its 7th biggest holding. Candelo Capital Management LP's holdings in L3Harris Technologies were worth $5,199,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Twin Lakes Capital Management LLC raised its stake in shares of L3Harris Technologies by 0.3% during the 3rd quarter. Twin Lakes Capital Management LLC now owns 14,340 shares of the company's stock worth $4,380,000 after buying an additional 38 shares during the last quarter. Patrick M Sweeney & Associates Inc. grew its stake in L3Harris Technologies by 3.8% in the 2nd quarter. Patrick M Sweeney & Associates Inc. now owns 1,095 shares of the company's stock valued at $280,000 after acquiring an additional 40 shares during the last quarter. Moment Partners LLC increased its holdings in L3Harris Technologies by 1.6% during the 3rd quarter. Moment Partners LLC now owns 2,501 shares of the company's stock valued at $764,000 after acquiring an additional 40 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in L3Harris Technologies by 2.6% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,602 shares of the company's stock valued at $489,000 after acquiring an additional 40 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators raised its position in L3Harris Technologies by 3.9% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,085 shares of the company's stock worth $331,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $358.66 on Friday. The company has a 50-day simple moving average of $349.12 and a 200-day simple moving average of $308.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The company has a market cap of $66.99 billion, a PE ratio of 42.05, a price-to-earnings-growth ratio of 2.59 and a beta of 0.63. L3Harris Technologies Inc has a 12 month low of $195.72 and a 12 month high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the prior year, the firm posted $3.47 earnings per share. The company's quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's dividend payout ratio is currently 58.62%.

Analysts Set New Price Targets

LHX has been the topic of several recent research reports. TD Cowen reaffirmed a "buy" rating on shares of L3Harris Technologies in a report on Monday, January 5th. Wolfe Research restated an "outperform" rating on shares of L3Harris Technologies in a research report on Friday, January 30th. JPMorgan Chase & Co. upped their target price on L3Harris Technologies from $340.00 to $395.00 and gave the company an "overweight" rating in a research note on Thursday, February 5th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Finally, Weiss Ratings raised L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $328.57.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 751 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was 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 trade represents a 15.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider owned 7,660 shares of the company's stock, valued at $2,836,651.20. This trade represents a 41.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 19,025 shares of company stock worth $6,824,370 over the last quarter. 0.72% of the stock is currently owned by insiders.

L3Harris Technologies 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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