L3Harris Technologies Inc $LHX Stock Position Reduced by Prevail Innovative Wealth Advisors LLC

Key Points

• Prevail Innovative Wealth Advisors LLC cut its L3Harris stake by 29.0%, selling 6,596 shares to hold 16,138 shares valued at about $4.93 million (1.0% of its portfolio and the fund's 26th largest holding).
• Insiders Samir Mehta and Jon Rambeau each sold 5,528 shares at an average price of $370.32 on March 2, and insiders have sold 19,025 shares worth $6.82 million in the last 90 days, reducing insider ownership to 0.72%.
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and a $328.57 price target (Morgan Stanley raised its target to $390), while L3Harris also increased its quarterly dividend to $1.25 ($5.00 annual, 1.4% yield).

Prevail Innovative Wealth Advisors LLC cut its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 29.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,138 shares of the company's stock after selling 6,596 shares during the quarter. L3Harris Technologies makes up 1.0% of Prevail Innovative Wealth Advisors LLC's portfolio, making the stock its 26th biggest holding. Prevail Innovative Wealth Advisors LLC's holdings in L3Harris Technologies were worth $4,929,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Caitlin John LLC bought a new position in shares of L3Harris Technologies during the 3rd quarter valued at $28,000. GGM Financials LLC bought a new stake in L3Harris Technologies in the third quarter worth $32,000. Salomon & Ludwin LLC acquired a new position in L3Harris Technologies during the third quarter worth $34,000. Twin Peaks Wealth Advisors LLC acquired a new position in L3Harris Technologies during the second quarter worth $34,000. Finally, Copia Wealth Management raised its holdings in L3Harris Technologies by 1,842.9% during the third quarter. Copia Wealth Management now owns 136 shares of the company's stock valued at $42,000 after buying an additional 129 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on LHX shares. BNP Paribas Exane raised L3Harris Technologies to a "hold" rating in a research note on Tuesday, November 18th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Vertical Research reissued a "buy" rating and issued a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Susquehanna restated a "positive" rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Finally, Morgan Stanley upped their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an "overweight" rating in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $328.57.

Insider Buying and Selling

In other news, insider Samir Mehta sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on 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 transaction, the insider owned 7,756 shares in the company, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction on 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 transaction, the insider owned 7,660 shares of the company's stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,025 shares of company stock worth $6,824,370 in the last 90 days. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock opened at $365.83 on Friday. The firm has a market cap of $68.33 billion, a P/E ratio of 42.89, a price-to-earnings-growth ratio of 2.64 and a beta of 0.63. The firm's 50-day simple moving average is $342.52 and its 200-day simple moving average is $305.83. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly 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. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company's quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.47 earnings per share. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors 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. The ex-dividend date is Friday, March 6th. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. L3Harris Technologies's dividend payout ratio is 56.27%.

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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