Segment Wealth Management LLC Buys New Position in L3Harris Technologies Inc (NYSE:LHX)

Segment Wealth Management LLC purchased a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,281 shares of the company's stock, valued at approximately $268,000.

A number of other institutional investors and hedge funds have also bought and sold shares of LHX. Belpointe Asset Management LLC raised its holdings in shares of L3Harris Technologies by 0.7% in the fourth quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company's stock valued at $1,476,000 after purchasing an additional 52 shares during the last quarter. CWC Advisors LLC. grew its position in L3Harris Technologies by 2.1% in the 4th quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock worth $546,000 after purchasing an additional 53 shares in the last quarter. Citizens Financial Group Inc. RI increased its stake in L3Harris Technologies by 0.6% in the 4th quarter. Citizens Financial Group Inc. RI now owns 8,908 shares of the company's stock valued at $1,873,000 after buying an additional 54 shares during the last quarter. Riverwater Partners LLC lifted its position in shares of L3Harris Technologies by 3.1% during the 1st quarter. Riverwater Partners LLC now owns 1,773 shares of the company's stock worth $371,000 after buying an additional 54 shares in the last quarter. Finally, Principal Securities Inc. lifted its position in shares of L3Harris Technologies by 6.7% during the 4th quarter. Principal Securities Inc. now owns 882 shares of the company's stock worth $185,000 after buying an additional 55 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the transaction, the chief executive officer now owns 145,572 shares of the company's stock, valued at $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction dated 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 now owns 25,325 shares in the company, valued at $6,204,625. This trade represents 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 corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Truist Financial reduced their target price on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating for the company in a report on Friday, April 25th. UBS Group upped their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Wells Fargo & Company lowered their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group cut their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Citigroup increased their price target on shares of L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $258.75.

L3Harris Technologies Stock Performance

NYSE LHX opened at $249.56 on Friday. The firm has a market cap of $46.66 billion, a P/E ratio of 29.60, a price-to-earnings-growth ratio of 1.98 and a beta of 0.74. The company has a quick ratio of 0.85, a current ratio of 1.02 and a debt-to-equity ratio of 0.57. The company's 50 day moving average is $231.54 and its 200-day moving average is $218.63. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The business's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.06 EPS. Sell-side analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were issued a dividend of $1.20 per share. 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 1.92%. L3Harris Technologies's dividend payout ratio (DPR) is 56.94%.

L3Harris Technologies 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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