L3Harris Technologies Inc $LHX Shares Sold by Focused Investors LLC

Key Points

• Focused Investors cut its L3Harris stake by 16% in the third quarter, selling 45,500 shares; it retained 238,650 shares worth about $56.5 million.
• Analysts hold a “Moderate Buy” consensus with an average price target of $345.60, while ratings range from Buy to Hold.
• L3Harris beat quarterly earnings and revenue estimates, with EPS of $3.28 and revenue of $6.07 billion; it also announced a quarterly dividend of $1.25 per share.

Focused Investors LLC lowered its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 16.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 238,650 shares of the company's stock after selling 45,500 shares during the quarter. L3Harris Technologies accounts for 2.3% of Focused Investors LLC's investment portfolio, making the stock its 21st biggest position. Focused Investors LLC owned 0.13% of L3Harris Technologies worth $56,508,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. NBH Bank purchased a new position in L3Harris Technologies in the second quarter worth $26,000. Cedar Mountain Advisors LLC raised its position in L3Harris Technologies by 1,233.3% during the first quarter. Cedar Mountain Advisors LLC now owns 80 shares of the company's stock valued at $28,000 after purchasing an additional 74 shares in the last quarter. Elevation Wealth Partners LLC raised its position in L3Harris Technologies by 80.0% during the second quarter. Elevation Wealth Partners LLC now owns 99 shares of the company's stock valued at $29,000 after purchasing an additional 44 shares in the last quarter. John Boyer Inc. bought a new stake in L3Harris Technologies during the third quarter worth about $31,000. Finally, Bell Investment Advisors Inc bought a new stake in L3Harris Technologies during the second quarter worth about $33,000. 84.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Guggenheim initiated coverage on shares of L3Harris Technologies in a research note on Monday, September 14th. They issued a "buy" rating and a $365.00 price objective for the company. BNP Paribas Exane reduced their price objective on L3Harris Technologies from $330.00 to $310.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Jefferies Financial Group downgraded L3Harris Technologies from a "buy" rating to a "hold" rating and set a $315.00 price objective on the stock. in a report on Wednesday, August 26th. The Goldman Sachs Group lowered their target price on L3Harris Technologies from $405.00 to $361.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Finally, UBS Group increased their target price on L3Harris Technologies from $264.00 to $293.00 and gave the company a "neutral" rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $345.60.

L3Harris Technologies Stock Down 0.7%

Shares of NYSE:LHX opened at $277.12 on Wednesday. L3Harris Technologies Inc has a 1 year low of $232.34 and a 1 year high of $379.23. The company has a market cap of $51.60 billion, a PE ratio of 25.85, a P/E/G ratio of 1.68 and a beta of 0.47. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.20 and a quick ratio of 1.05. The stock's 50-day moving average is $250.32 and its 200 day moving average is $304.42.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $3.28 EPS for the quarter, beating analysts' consensus estimates of $2.95 by $0.33. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.92 billion. During the same quarter in the prior year, the company posted $2.70 EPS. L3Harris Technologies's quarterly revenue was up 7.1% compared to the same quarter last year. Sell-side analysts anticipate that L3Harris Technologies Inc will post 12.32 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is 46.64%.

L3Harris Technologies Profile

L3Harris Technologies, Inc is a technology and defense company that develops products and systems for government and commercial customers. Its offerings support aerospace, defense, space, communications, intelligence, surveillance and reconnaissance, electronic warfare, missile defense, and aviation missions.

The company provides secure communications equipment, tactical radios, sensors, avionics, electronic warfare systems, missile and air defense technologies, space payloads and systems, and other mission-critical solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.