Mondrian Investment Partners LTD Sells 6,462 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Mondrian Investment Partners LTD reduced its holdings in L3Harris Technologies by 1.7%, selling 6,462 shares and retaining approximately 363,544 shares valued at $76 million.
• CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies worth nearly $10.8 million, resulting in a 21.61% decrease in his ownership.
• The company announced a quarterly dividend of $1.20 per share, with a yield of 1.8%, payable to shareholders on September 22nd.

Mondrian Investment Partners LTD cut its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 363,544 shares of the company's stock after selling 6,462 shares during the quarter. Mondrian Investment Partners LTD owned 0.19% of L3Harris Technologies worth $76,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in LHX. Nuveen LLC acquired a new stake in L3Harris Technologies during the 1st quarter worth approximately $299,157,000. GAMMA Investing LLC boosted its position in L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock worth $107,424,000 after buying an additional 510,438 shares during the period. Allspring Global Investments Holdings LLC boosted its position in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after buying an additional 311,886 shares during the period. JPMorgan Chase & Co. boosted its position in L3Harris Technologies by 60.8% during the 1st quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock worth $160,644,000 after buying an additional 290,269 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of L3Harris Technologies by 64.2% in the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after purchasing an additional 289,514 shares during the period. 84.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Christopher E. Kubasik sold 40,138 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,199 shares of company stock valued at $39,045,071 in the last 90 days. 0.72% of the stock is currently owned by company insiders.

L3Harris Technologies Stock Down 0.1%

LHX stock traded down $0.33 during midday trading on Friday, reaching $270.72. 1,177,990 shares of the company's stock traded hands, compared to its average volume of 1,439,251. The company has a market cap of $50.65 billion, a price-to-earnings ratio of 30.25, a P/E/G ratio of 1.98 and a beta of 0.77. The firm's fifty day moving average price is $260.99 and its 200-day moving average price is $231.57. 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 Inc has a 52 week low of $193.09 and a 52 week high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. L3Harris Technologies's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.24 EPS. As a group, sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared 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 1.8%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is 53.63%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on LHX shares. Citigroup boosted 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. Royal Bank Of Canada boosted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Susquehanna boosted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Robert W. Baird boosted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Truist Financial boosted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Company 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.