L3Harris Technologies Inc $LHX Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management trimmed its stake in L3Harris by 11.8%, selling 631,947 shares and now holds 4,727,961 shares (about 2.53%) valued at roughly $1.44 billion.
• L3Harris raised its quarterly dividend to $1.25 per share (annualized $5.00, yield 1.4%) and reported quarterly EPS of $2.86, beating estimates by $0.10 while revenue of $5.65 billion slightly missed forecasts.
• Analysts remain largely positive with a consensus of "Moderate Buy" and an average price target of $328.57, even as insiders sold about 19,025 shares (~$6.82 million) and institutional ownership stands near 84.8%.

Wellington Management Group LLP lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 11.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,727,961 shares of the company's stock after selling 631,947 shares during the period. Wellington Management Group LLP owned approximately 2.53% of L3Harris Technologies worth $1,443,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Caitlin John LLC acquired a new position in L3Harris Technologies in the third quarter valued at approximately $28,000. GGM Financials LLC acquired a new stake in L3Harris Technologies during the third quarter worth $32,000. Twin Peaks Wealth Advisors LLC purchased a new stake in L3Harris Technologies in the second quarter valued at $34,000. Salomon & Ludwin LLC purchased a new stake in L3Harris Technologies in the third quarter valued at $34,000. Finally, Rakuten Securities Inc. lifted its stake in shares of L3Harris Technologies by 234.8% in the 2nd quarter. Rakuten Securities Inc. now owns 154 shares of the company's stock valued at $39,000 after purchasing an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LHX shares. Argus upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, February 27th. Susquehanna reaffirmed a "positive" rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. JPMorgan Chase & Co. increased their target price on shares of L3Harris Technologies from $340.00 to $395.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. Wall Street Zen cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Finally, Royal Bank Of Canada boosted their price target on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $328.57.

L3Harris Technologies Trading Up 0.2%

Shares of NYSE LHX opened at $358.66 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $66.99 billion, a PE ratio of 42.05, a PEG ratio of 2.58 and a beta of 0.63. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23. The stock has a fifty day simple moving average of $349.12 and a 200-day simple moving average of $308.63.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the prior year, the company earned $3.47 EPS. L3Harris Technologies's revenue was up 2.3% on a year-over-year basis. On average, equities analysts forecast 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. Stockholders of record on Friday, March 6th will be given a dividend of $1.25 per share. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. L3Harris Technologies's dividend payout ratio is currently 58.62%.

Insider Activity

In related news, VP Melanie Rakita sold 2,378 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the transaction, the vice president owned 4,882 shares in the company, valued at approximately $1,666,958.90. The trade was a 32.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the sale, the insider directly owned 7,660 shares in the company, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by company 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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