Oak Thistle LLC Has $331,000 Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Oak Thistle LLC reduced its stake in L3Harris Technologies Inc by 87.8% in the first quarter, ending with $331,000 worth of shares after selling 11,397 shares.
• The company's earnings per share for the last quarter was $2.78, exceeding the consensus estimate of $2.48, with revenue also surpassing analyst expectations at $5.43 billion.
• L3Harris Technologies has declared a $1.20 quarterly dividend, representing an annualized dividend yield of 1.78%, with a payout ratio of 53.63%.

Oak Thistle LLC lowered its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 87.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,583 shares of the company's stock after selling 11,397 shares during the period. Oak Thistle LLC's holdings in L3Harris Technologies were worth $331,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in LHX. Geode Capital Management LLC grew its position in L3Harris Technologies by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock worth $1,004,418,000 after buying an additional 53,787 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of 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 purchasing an additional 311,886 shares in the last quarter. FMR LLC grew its holdings in shares of L3Harris Technologies by 11.5% during the 4th quarter. FMR LLC now owns 2,261,999 shares of the company's stock worth $475,653,000 after purchasing an additional 233,968 shares in the last quarter. Invesco Ltd. grew its holdings in shares of L3Harris Technologies by 30.5% during the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock worth $469,992,000 after purchasing an additional 522,861 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of L3Harris Technologies by 7.7% during the 4th quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock worth $342,975,000 after purchasing an additional 116,266 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LHX. UBS Group reiterated a "neutral" rating and set a $280.00 price objective (up from $262.00) on shares of L3Harris Technologies in a research note on Friday. Wells Fargo & Company reduced their price target 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. Susquehanna increased 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. Citigroup raised their target price on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday. Finally, Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus target price of $276.53.

L3Harris Technologies Trading Up 0.6%

NYSE:LHX traded up $1.58 during mid-day trading on Tuesday, hitting $271.05. 215,743 shares of the company's stock were exchanged, compared to its average volume of 1,455,134. The company has a 50 day simple moving average of $251.91 and a 200-day simple moving average of $226.31. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.03. The firm has a market capitalization of $50.67 billion, a P/E ratio of 30.27, a PEG ratio of 2.09 and a beta of 0.75.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. The business 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 firm's revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $3.24 EPS. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

Insider Activity

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 shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the transaction, the chief executive officer owned 145,572 shares in the company, valued at $36,171,730.56. This trade represents a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.

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.