PNC Financial Services Group Inc. Sells 2,294 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• PNC Financial Services Group Inc. has reduced its stake in L3Harris Technologies by 2.3%, now owning 96,321 shares worth approximately $20.16 million.
• Several institutional investors have increased their positions in L3Harris, with Invesco increasing its holdings by 30.5% and GAMMA Investing LLC raising its stake by an astonishing 18,295.3% in the first quarter.
• L3Harris Technologies announced a quarterly dividend of $1.20, resulting in an annualized dividend of $4.80, representing a 1.7% dividend yield.

PNC Financial Services Group Inc. reduced its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,321 shares of the company's stock after selling 2,294 shares during the quarter. PNC Financial Services Group Inc. owned about 0.05% of L3Harris Technologies worth $20,161,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of LHX. Beacon Capital Management LLC boosted its position in 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 purchasing an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings 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 last quarter. Park Square Financial Group LLC acquired a new position in shares of L3Harris Technologies during the fourth quarter worth approximately $37,000. Cornerstone Planning Group LLC boosted its stake in L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after buying an additional 139 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in L3Harris Technologies during the first quarter worth $42,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Down 0.2%

Shares of L3Harris Technologies stock traded down $0.65 on Wednesday, hitting $277.57. The company had a trading volume of 1,294,793 shares, compared to its average volume of 1,342,419. The stock has a market capitalization of $51.93 billion, a price-to-earnings ratio of 23.18, a P/E/G ratio of 2.03 and a beta of 0.77. 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 50 day moving average of $256.47 and a 200-day moving average of $228.74. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52.

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

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LHX shares. Barclays upped their price target on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Wells Fargo & Company cut their price target 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. Truist Financial increased their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Robert W. Baird raised their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Transactions at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction 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 transaction, the insider owned 25,325 shares of the company's stock, valued at $6,204,625. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies 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 owned 145,578 shares in the company, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 107,061 shares of company stock valued at $28,227,077. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Company Profile

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.