L3Harris Technologies Inc (NYSE:LHX) Stock Position Reduced by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in L3Harris Technologies by 1.0%, selling 232,600 shares, which now accounts for 12.33% of the company's total stock valued at approximately $4.82 billion.
• L3Harris Technologies reported a quarterly EPS of $2.78, surpassing analyst expectations of $2.48, with a total revenue of $5.43 billion for the quarter.
• The company declared a quarterly dividend of $1.20 per share, equating to an annualized dividend yield of 1.8%, set to be paid to shareholders on September 22nd.

Vanguard Group Inc. cut its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 23,048,423 shares of the company's stock after selling 232,600 shares during the period. Vanguard Group Inc. owned about 12.33% of L3Harris Technologies worth $4,824,265,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of L3Harris Technologies by 107.5% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 1,301 shares of the company's stock valued at $272,000 after buying an additional 674 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in shares of L3Harris Technologies by 16.8% in the 1st quarter. Atria Wealth Solutions Inc. now owns 10,103 shares of the company's stock valued at $2,115,000 after buying an additional 1,453 shares during the period. Empower Advisory Group LLC lifted its position in L3Harris Technologies by 4.7% in the 1st quarter. Empower Advisory Group LLC now owns 387,774 shares of the company's stock valued at $81,165,000 after purchasing an additional 17,459 shares during the last quarter. Costello Asset Management INC bought a new stake in L3Harris Technologies in the 1st quarter valued at about $139,000. Finally, Commonwealth Retirement Investments LLC lifted its position in L3Harris Technologies by 3.7% in the 1st quarter. Commonwealth Retirement Investments LLC now owns 7,543 shares of the company's stock valued at $1,579,000 after purchasing an additional 266 shares during 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 72,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider owned 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% 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 in the last 90 days. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

Shares of NYSE LHX traded down $4.12 during midday trading on Friday, reaching $269.69. The company's stock had a trading volume of 1,639,160 shares, compared to its average volume of 1,407,472. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average price of $258.25 and a 200 day moving average price of $229.85. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The company has a market cap of $50.46 billion, a price-to-earnings ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the firm earned $3.24 EPS. The business's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts expect 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. Stockholders of record on Friday, September 5th will be issued a dividend of $1.20 per share. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is currently 53.63%.

Wall Street Analyst Weigh In

LHX has been the topic of several recent research reports. UBS Group lifted their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Royal Bank Of Canada lifted their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Wall Street Zen downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Truist Financial lifted their price objective 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. Finally, Citigroup lifted their price objective on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $279.47.

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.