Empower Advisory Group LLC Boosts Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Empower Advisory Group LLC increased its holdings in L3Harris Technologies by 4.7%, owning 387,774 shares valued at approximately $81.17 million.
• CEO Christopher E. Kubasik sold 72,000 shares of L3Harris stock for over $19.5 million, reducing his stake by 33.09% to 145,578 shares.
• Analysts have adjusted their price targets for L3Harris Technologies, with the average target now at $279.47, and the consensus rating categorized as a "Moderate Buy."

Empower Advisory Group LLC grew its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,774 shares of the company's stock after acquiring an additional 17,459 shares during the period. Empower Advisory Group LLC owned 0.21% of L3Harris Technologies worth $81,165,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of LHX. Brighton Jones LLC boosted its stake in shares of L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in shares of L3Harris Technologies in the 4th quarter valued at $11,498,000. Wedbush Securities Inc. raised its position in shares of L3Harris Technologies by 1.9% in the 4th quarter. Wedbush Securities Inc. now owns 3,302 shares of the company's stock worth $694,000 after acquiring an additional 61 shares in the last quarter. Peapack Gladstone Financial Corp lifted its stake in shares of L3Harris Technologies by 0.5% during the 4th quarter. Peapack Gladstone Financial Corp now owns 41,768 shares of the company's stock worth $8,782,000 after purchasing an additional 191 shares during the last quarter. Finally, Waterloo Capital L.P. boosted its position in L3Harris Technologies by 5.9% during the fourth quarter. Waterloo Capital L.P. now owns 4,586 shares of the company's stock valued at $964,000 after purchasing an additional 256 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

LHX traded down $0.65 during midday trading on Wednesday, hitting $277.57. 1,294,793 shares of the company were exchanged, compared to its average volume of 1,342,419. The company's 50 day simple moving average is $256.47 and its 200 day simple moving average is $228.74. The firm has a market capitalization of $51.93 billion, a price-to-earnings ratio of 31.01, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

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

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies's dividend payout ratio is 53.63%.

Wall Street Analysts Forecast Growth

Several analysts have commented on LHX shares. Truist Financial increased their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Susquehanna raised their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. UBS Group upped their price target on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Royal Bank Of Canada raised their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company dropped their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insiders Place Their Bets

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at $39,472,018.92. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,061 shares of company stock worth $28,227,077 over the last three months. 0.72% of the stock is currently owned by insiders.

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.