L3Harris Technologies Inc (NYSE:LHX) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System grew its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,662 shares of the company's stock after acquiring an additional 1,488 shares during the quarter. Arizona State Retirement System's holdings in L3Harris Technologies were worth $11,651,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in LHX. Invesco Ltd. lifted its position in shares of L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after acquiring an additional 522,861 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of L3Harris Technologies by 18,295.3% in the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after acquiring an additional 510,438 shares in the last quarter. Vanguard Group Inc. lifted its position in L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock worth $4,895,534,000 after buying an additional 401,168 shares during the period. Allspring Global Investments Holdings LLC lifted its position in L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after buying an additional 311,886 shares during the period. Finally, Deutsche Bank AG lifted its position in L3Harris Technologies by 64.2% during the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after buying an additional 289,514 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the sale, the chief executive officer owned 145,572 shares in the company, valued at $36,171,730.56. This trade represents a 18.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

L3Harris Technologies Stock Down 0.4%

Shares of LHX stock traded down $1.04 during trading hours on Tuesday, reaching $261.27. The company had a trading volume of 1,012,928 shares, compared to its average volume of 1,160,055. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $265.74. The company has a market capitalization of $48.84 billion, a P/E ratio of 30.99, a price-to-earnings-growth ratio of 2.04 and a beta of 0.75. The stock's fifty day simple moving average is $242.98 and its 200 day simple moving average is $222.20.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the firm earned $3.06 earnings per share. The company's revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were paid a $1.20 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.84%. L3Harris Technologies's dividend payout ratio (DPR) is currently 56.94%.

Analysts Set New Price Targets

Several research firms recently weighed in on LHX. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday. Truist Financial increased their target price on L3Harris Technologies from $260.00 to $279.00 and gave the stock a "buy" rating in a research report on Friday. Wells Fargo & Company reduced their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Citigroup reiterated a "buy" rating and set a $300.00 target price (up from $280.00) on shares of L3Harris Technologies in a research report on Monday. Finally, UBS Group increased their target price on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research report on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $263.81.

About L3Harris Technologies

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.