Philadelphia Trust Co. Sells 11,451 Shares of L3Harris Technologies Inc $LHX

Key Points

• Philadelphia Trust Co. has reduced its holdings in L3Harris Technologies by 8.4%, now owning 124,940 shares valued at approximately $26.15 million, making L3Harris its 11th largest position.
• Several analysts have boosted target prices for L3Harris, with estimates reaching up to $323.00 while maintaining a consensus rating of "Moderate Buy".
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, highlighting a potential annual yield of 1.8% as the company prepares to pay investors on September 22nd.

Philadelphia Trust Co. trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 124,940 shares of the company's stock after selling 11,451 shares during the period. L3Harris Technologies accounts for 2.2% of Philadelphia Trust Co.'s investment portfolio, making the stock its 11th biggest holding. Philadelphia Trust Co. owned 0.07% of L3Harris Technologies worth $26,151,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tocqueville Asset Management L.P. grew its holdings in shares of L3Harris Technologies by 9.6% during the 1st quarter. Tocqueville Asset Management L.P. now owns 23,360 shares of the company's stock valued at $4,890,000 after acquiring an additional 2,045 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of L3Harris Technologies by 43.6% during the 1st quarter. American Century Companies Inc. now owns 883,782 shares of the company's stock valued at $184,984,000 after acquiring an additional 268,396 shares in the last quarter. Ethic Inc. grew its holdings in shares of L3Harris Technologies by 17.2% during the 1st quarter. Ethic Inc. now owns 12,107 shares of the company's stock valued at $2,540,000 after acquiring an additional 1,773 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of L3Harris Technologies by 8.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,104 shares of the company's stock valued at $440,000 after acquiring an additional 166 shares in the last quarter. Finally, Brandywine Global Investment Management LLC grew its holdings in shares of L3Harris Technologies by 0.7% during the 1st quarter. Brandywine Global Investment Management LLC now owns 113,781 shares of the company's stock valued at $23,816,000 after acquiring an additional 818 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LHX. Royal Bank Of Canada boosted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Susquehanna boosted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Truist Financial boosted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. UBS Group boosted their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Finally, Citigroup boosted their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total value of $19,522,080.00. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction dated 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 directly owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 147,199 shares of company stock valued at $39,045,071 in the last ninety days. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Stock Performance

L3Harris Technologies stock traded up $1.52 on Monday, reaching $272.07. 1,118,189 shares of the stock were exchanged, compared to its average volume of 1,426,053. The stock has a market cap of $50.90 billion, a PE ratio of 30.40, a PEG ratio of 1.98 and a beta of 0.77. 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 twelve month low of $193.09 and a twelve month high of $280.52. The firm has a fifty day moving average price of $261.52 and a two-hundred day moving average price of $232.26.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data 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%. The firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.24 earnings per share. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

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.