L3Harris Technologies Inc (NYSE:LHX) Shares Sold by Nations Financial Group Inc. IA ADV

Key Points

• Nations Financial Group Inc. IA ADV reduced its holdings in L3Harris Technologies by 17.0%, now owning 8,651 shares valued at approximately $1.81 million.
• Multiple institutional investors, including Nuveen LLC and GAMMA Investing LLC, significantly increased their stakes in L3Harris, with GAMMA boosting its position by 18,295.3%.
• Analyst ratings on L3Harris are favorable, with an average rating of "Moderate Buy" and a consensus price target elevation from $265.00 to $320.00 among several firms.

Nations Financial Group Inc. IA ADV lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 17.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,651 shares of the company's stock after selling 1,772 shares during the period. Nations Financial Group Inc. IA ADV's holdings in L3Harris Technologies were worth $1,811,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of LHX. Nuveen LLC acquired a new position in shares of L3Harris Technologies during the first quarter worth $299,157,000. GAMMA Investing LLC grew its stake in shares of L3Harris Technologies by 18,295.3% during the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock worth $107,424,000 after purchasing an additional 510,438 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of 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 purchasing an additional 311,886 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of L3Harris Technologies by 60.8% during the first quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock worth $160,644,000 after purchasing an additional 290,269 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of 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 purchasing an additional 289,514 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

LHX has been the subject of a number of analyst reports. Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Barclays boosted their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Truist Financial boosted 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 boosted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Finally, Robert W. Baird boosted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $279.47.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction 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. This represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 147,199 shares of company stock valued at $39,045,071 over the last three months. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $270.72 on Friday. The company has a 50-day simple moving average of $260.99 and a 200-day simple moving average of $231.57. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a market capitalization of $50.65 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 1.98 and a beta of 0.77.

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

L3Harris Technologies Dividend Announcement

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. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

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.

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