Raymond James Financial Inc. Lowers Stock Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Raymond James Financial Inc. reduced its stake in L3Harris Technologies Inc by 5.9% to approximately 1.78 million shares worth $373.45 million in the latest quarter.
• Multiple institutional investors have increased their holdings in L3Harris, with Nuveen LLC acquiring a new stake valued at $299.16 million and JPMorgan Chase & Co. boosting its stake by 60.8%.
• L3Harris Technologies reported a quarterly net margin of 7.94% and earnings per share of $2.78, exceeding analysts’ expectations.

Raymond James Financial Inc. lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,784,206 shares of the company's stock after selling 110,924 shares during the period. Raymond James Financial Inc. owned about 0.95% of L3Harris Technologies worth $373,452,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of LHX. Nuveen LLC purchased a new stake in L3Harris Technologies during the first quarter valued at about $299,157,000. GAMMA Investing LLC lifted its stake in shares of L3Harris Technologies by 18,295.3% in the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after acquiring an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings 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 valued at $486,898,000 after acquiring an additional 311,886 shares during the period. JPMorgan Chase & Co. boosted its holdings in L3Harris Technologies by 60.8% during the 1st quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock valued at $160,644,000 after acquiring an additional 290,269 shares during the period. Finally, Deutsche Bank AG grew its position in L3Harris Technologies by 64.2% during the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after acquiring an additional 289,514 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $270.72 on Friday. The stock's 50 day simple moving average is $260.99 and its two-hundred day simple moving average is $231.70. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a market cap of $50.65 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business's revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.24 EPS. As a group, analysts expect 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 given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction that occurred 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 sale, the chief executive officer directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value 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. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,199 shares of company stock worth $39,045,071. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

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

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