First Merchants Corp Decreases Holdings in L3Harris Technologies Inc (NYSE:LHX)

First Merchants Corp decreased its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 25,496 shares of the company's stock after selling 2,233 shares during the period. First Merchants Corp's holdings in L3Harris Technologies were worth $5,337,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after buying an additional 82 shares during the last quarter. Millstone Evans Group LLC purchased a new position in shares of L3Harris Technologies in the 4th quarter worth approximately $26,000. Beacon Capital Management LLC grew its position in shares of L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of L3Harris Technologies by 336.4% in the 4th 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. Finally, Park Square Financial Group LLC purchased a new position in shares of L3Harris Technologies in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

Shares of LHX stock traded up $4.28 during trading hours on Monday, hitting $251.26. The company's stock had a trading volume of 1,109,707 shares, compared to its average volume of 1,145,417. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average of $235.13 and a 200 day moving average of $219.19. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $265.74. The stock has a market cap of $46.97 billion, a PE ratio of 29.81, a price-to-earnings-growth ratio of 1.97 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The firm had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.06 earnings per share. The firm's quarterly revenue was down 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Analyst Ratings Changes

LHX has been the topic of a number of analyst reports. Wells Fargo & Company cut their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group cut their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Citigroup lifted their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their price objective for the stock from $198.00 to $263.00 in a research report on Friday, April 11th. Finally, Truist Financial lowered their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $258.75.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the sale, the chief executive officer directly owned 145,572 shares of the company's stock, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction 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 sale, the insider directly owned 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

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.