Principal Financial Group Inc. Cuts Stock Holdings in L3Harris Technologies Inc (NYSE:LHX)

Principal Financial Group Inc. trimmed its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 213,951 shares of the company's stock after selling 2,653 shares during the quarter. Principal Financial Group Inc. owned 0.11% of L3Harris Technologies worth $44,782,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Brighton Jones LLC increased its stake in shares of L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of L3Harris Technologies by 158.9% during the fourth quarter. Jones Financial Companies Lllp now owns 3,715 shares of the company's stock worth $781,000 after purchasing an additional 2,280 shares in the last quarter. Assetmark Inc. increased its stake in shares of L3Harris Technologies by 5.2% during the fourth quarter. Assetmark Inc. now owns 18,572 shares of the company's stock worth $3,905,000 after purchasing an additional 916 shares in the last quarter. M&T Bank Corp grew its stake in L3Harris Technologies by 1.7% during the 4th quarter. M&T Bank Corp now owns 13,503 shares of the company's stock valued at $2,840,000 after acquiring an additional 232 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in L3Harris Technologies during the 4th quarter valued at about $25,071,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the sale, the chief executive officer directly owned 145,572 shares of the company's stock, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 of the company's stock, valued at $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. 0.72% of the stock is owned by insiders.

L3Harris Technologies Stock Up 0.5%

Shares of LHX stock traded up $1.19 on Thursday, reaching $260.24. 1,151,823 shares of the stock were exchanged, compared to its average volume of 1,458,849. 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 business's 50 day moving average price is $240.49 and its 200 day moving average price is $221.09. The company has a market capitalization of $48.65 billion, a price-to-earnings ratio of 30.87, a PEG ratio of 2.05 and a beta of 0.75. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $265.74.

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

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.84%. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Wall Street Analyst Weigh In

LHX has been the subject of several research reports. Jefferies Financial Group dropped their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Truist Financial decreased their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a report on Friday, April 25th. UBS Group boosted their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a report on Monday, April 28th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and boosted their target price for the company from $198.00 to $263.00 in a report on Friday, April 11th. Finally, Wells Fargo & Company lowered their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Five equities 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.com, L3Harris Technologies has an average rating of "Moderate Buy" and an average target price of $258.75.

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.