Burling Wealth Partners LLC Cuts Holdings in L3Harris Technologies Inc (NYSE:LHX)

Burling Wealth Partners LLC lowered its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 31.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,197 shares of the company's stock after selling 2,379 shares during the period. Burling Wealth Partners LLC's holdings in L3Harris Technologies were worth $1,088,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its stake in L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after purchasing an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of L3Harris Technologies in the 4th quarter valued at about $26,000. Beacon Capital Management LLC grew its position in shares of L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after buying an additional 111 shares during the period. Finally, Park Square Financial Group LLC acquired a new stake in L3Harris Technologies in the fourth quarter valued at approximately $37,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analysts Set New Price Targets

LHX has been the topic of a number of analyst reports. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and raised their price objective for the company from $198.00 to $263.00 in a report on Friday, April 11th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Jefferies Financial Group lowered their price objective on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research report on Monday. Finally, Citigroup restated a "buy" rating and set a $300.00 target price (up previously from $280.00) on shares of L3Harris Technologies in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average target price of $263.81.

L3Harris Technologies Stock Performance

LHX stock traded up $2.03 on Thursday, hitting $265.69. The company's stock had a trading volume of 1,469,398 shares, compared to its average volume of 1,162,121. The stock has a market cap of $49.67 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 2.05 and a beta of 0.75. The firm has a 50 day moving average of $244.78 and a two-hundred day moving average of $222.76. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $266.87.

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

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.81%. L3Harris Technologies's dividend payout ratio is presently 56.94%.

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.