L3Harris Technologies Inc (NYSE:LHX) Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in L3Harris Technologies by 7.5%, owning 63,689 shares valued at $13.33 million as of the latest SEC filing.
• CEO Christopher E. Kubasik sold 40,138 shares of the company, representing a 21.61% decrease in his ownership, while insiders sold a total of 147,199 shares in the last quarter.
• L3Harris Technologies reported $2.78 earnings per share for the last quarter, surpassing analysts' expectations, with a projected 11.12 EPS for the current fiscal year.

State of New Jersey Common Pension Fund D trimmed its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,689 shares of the company's stock after selling 5,174 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in L3Harris Technologies were worth $13,331,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. grew its position in L3Harris Technologies by 43.6% in the 1st quarter. American Century Companies Inc. now owns 883,782 shares of the company's stock valued at $184,984,000 after acquiring an additional 268,396 shares in the last quarter. Ethic Inc. grew its position in L3Harris Technologies by 17.2% in the 1st quarter. Ethic Inc. now owns 12,107 shares of the company's stock valued at $2,540,000 after acquiring an additional 1,773 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in L3Harris Technologies by 8.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,104 shares of the company's stock valued at $440,000 after acquiring an additional 166 shares in the last quarter. Brandywine Global Investment Management LLC grew its position in L3Harris Technologies by 0.7% in the 1st quarter. Brandywine Global Investment Management LLC now owns 113,781 shares of the company's stock valued at $23,816,000 after acquiring an additional 818 shares in the last quarter. Finally, Aberdeen Group plc grew its position in L3Harris Technologies by 16.1% in the 1st quarter. Aberdeen Group plc now owns 22,984 shares of the company's stock valued at $4,800,000 after acquiring an additional 3,183 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Christopher E. Kubasik sold 40,138 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,236,182.56. This represents a 21.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction that occurred 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 owned 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,199 shares of company stock valued at $39,045,071. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

LHX stock opened at $270.72 on Friday. The business has a 50 day moving average price of $260.99 and a 200 day moving average price of $231.70. The stock has a market cap 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 Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The company has a quick ratio of 0.87, a current ratio of 1.04 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 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The firm's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.24 earnings per share. Equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company 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 $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's payout ratio is currently 53.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Robert W. Baird lifted their target price on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. UBS Group lifted their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Truist Financial lifted their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Finally, Royal Bank Of Canada lifted their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies 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.

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