Mackenzie Financial Corp Sells 6,398 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Mackenzie Financial Corp reduced its holdings in L3Harris Technologies by 24.3% during the first quarter, owning 19,936 shares worth approximately $4.17 million after selling 6,398 shares.
• Several institutional investors have increased their stakes in L3Harris Technologies, with Allspring Global Investments raising its position by 15.5% and FMR LLC by 11.5% in recent quarters.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, with a payout ratio of 53.63%, affirming its financial stability amidst recent insider sales and market activity.

Mackenzie Financial Corp trimmed its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 24.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,936 shares of the company's stock after selling 6,398 shares during the period. Mackenzie Financial Corp's holdings in L3Harris Technologies were worth $4,173,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Transce3nd LLC raised its position in L3Harris Technologies by 7.9% during the first quarter. Transce3nd LLC now owns 652 shares of the company's stock worth $137,000 after acquiring an additional 48 shares in the last quarter. Koshinski Asset Management Inc. raised its position in L3Harris Technologies by 3.1% during the first quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock worth $353,000 after acquiring an additional 50 shares in the last quarter. Belpointe Asset Management LLC raised its position in L3Harris Technologies by 0.7% during the fourth quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company's stock worth $1,476,000 after acquiring an additional 52 shares in the last quarter. CWC Advisors LLC. raised its position in L3Harris Technologies by 2.1% during the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock worth $546,000 after acquiring an additional 53 shares in the last quarter. Finally, Callan Capital LLC raised its position in L3Harris Technologies by 5.0% during the first quarter. Callan Capital LLC now owns 1,107 shares of the company's stock worth $232,000 after acquiring an additional 53 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LHX has been the topic of several analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. UBS Group upped their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Citigroup upped their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday, July 28th. Finally, Susquehanna increased their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Stock Performance

NYSE:LHX traded up $3.37 during mid-day trading on Friday, reaching $278.19. 1,412,687 shares of the company's stock were exchanged, compared to its average volume of 1,372,809. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.03. The firm has a market capitalization of $52.05 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. The business's fifty day simple moving average is $255.07 and its two-hundred day simple moving average is $227.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.24 earnings per share. Analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

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 dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the stock in a transaction dated 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 directly owned 145,578 shares in the company, valued at $39,472,018.92. This represents a 33.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the firm'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 completion of the sale, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,061 shares of company stock worth $28,227,077 over the last quarter. 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.