Wedge Capital Management L L P NC Cuts Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Wedge Capital Management L L P NC cut its holdings in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 20.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,650 shares of the company's stock after selling 4,662 shares during the quarter. Wedge Capital Management L L P NC's holdings in L3Harris Technologies were worth $3,694,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in L3Harris Technologies by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock valued at $4,895,534,000 after buying an additional 401,168 shares in the last quarter. Geode Capital Management LLC boosted its stake in L3Harris Technologies by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock valued at $1,004,418,000 after buying an additional 53,787 shares in the last quarter. FMR LLC boosted its stake in shares of L3Harris Technologies by 11.5% during the fourth quarter. FMR LLC now owns 2,261,999 shares of the company's stock valued at $475,653,000 after purchasing an additional 233,968 shares in the last quarter. Invesco Ltd. boosted its stake in shares of L3Harris Technologies by 30.5% during the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after purchasing an additional 522,861 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of L3Harris Technologies during the fourth quarter valued at about $398,507,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. UBS Group lifted their price target on L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Citigroup lifted their price target on L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a research note on Monday. 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. The Goldman Sachs Group raised L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their price target for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Finally, Truist Financial cut their price target on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $258.75.

Insiders Place Their Bets

In other news, insider Edward J. Zoiss sold 2,000 shares of the business'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 transaction of $490,000.00. Following the completion of the sale, the insider now owns 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Trading Up 2.7%

LHX stock traded up $6.67 during mid-day trading on Friday, reaching $257.06. The company's stock had a trading volume of 3,049,243 shares, compared to its average volume of 1,122,628. The company has a market cap of $48.06 billion, a price-to-earnings ratio of 32.66, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74. The business's 50 day moving average price is $226.81 and its 200 day moving average price is $218.37. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. L3Harris Technologies, Inc. has a 12 month low of $193.09 and a 12 month high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.29 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The firm's revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $3.06 earnings per share. On average, equities research analysts predict that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be issued a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.87%. L3Harris Technologies's payout ratio is currently 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.