L3Harris Technologies Inc $LHX Shares Sold by Linden Thomas Advisory Services LLC

Key Points

• Linden Thomas Advisory Services LLC reduced its stake in L3Harris Technologies by 31.2%, holding 7,809 shares valued at nearly $1.96 million as of the end of the most recent quarter.
• CEO Christopher E. Kubasik sold 83,000 shares for approximately $23.2 million, representing a 36.31% decrease in his ownership.
• Analysts have a consensus price target of $287.63 for L3Harris Technologies, with 13 analysts rating it as a Buy and 5 as a Hold.

Linden Thomas Advisory Services LLC reduced its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 31.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,809 shares of the company's stock after selling 3,543 shares during the period. Linden Thomas Advisory Services LLC's holdings in L3Harris Technologies were worth $1,959,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gold Investment Management Ltd. increased its position in L3Harris Technologies by 108.4% during the second quarter. Gold Investment Management Ltd. now owns 1,738 shares of the company's stock worth $437,000 after purchasing an additional 904 shares during the last quarter. BankPlus Trust Department increased its position in L3Harris Technologies by 6.9% during the second quarter. BankPlus Trust Department now owns 5,854 shares of the company's stock worth $1,468,000 after purchasing an additional 379 shares during the last quarter. Janney Montgomery Scott LLC increased its position in L3Harris Technologies by 20.6% during the second quarter. Janney Montgomery Scott LLC now owns 193,381 shares of the company's stock worth $48,508,000 after purchasing an additional 33,019 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in L3Harris Technologies by 5.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after purchasing an additional 216 shares during the last quarter. Finally, US Bancorp DE increased its position in L3Harris Technologies by 1.6% during the second quarter. US Bancorp DE now owns 344,112 shares of the company's stock worth $86,317,000 after purchasing an additional 5,526 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Truist Financial increased their target price on shares of L3Harris Technologies from $302.00 to $353.00 and gave the stock a "buy" rating in a research note on Wednesday, October 15th. UBS Group increased their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Susquehanna increased their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $287.63.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $279.90, for a total value of $23,231,700.00. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 195,138 shares of company stock valued at $53,571,774 over the last 90 days. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Trading Down 0.0%

NYSE LHX opened at $293.22 on Friday. The firm has a 50 day simple moving average of $285.35 and a 200-day simple moving average of $258.81. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $308.12. The firm has a market cap of $54.86 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.14 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter last year, the firm posted $3.24 earnings per share. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. Equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

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.

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