Smith Salley Wealth Management Acquires New Shares in L3Harris Technologies Inc $LHX

Key Points

• Smith Salley Wealth Management purchased a new stake of 6,320 shares in L3Harris during Q4, valued at approximately $1.855 million.
• Significant insider selling occurred recently—insiders sold 19,025 shares worth about $6.82 million in the last 90 days (insiders now own 0.68%), while institutional investors hold roughly 84.76% of the stock.
• Dividend increase: L3Harris raised its quarterly dividend to $1.25 (annualized $5.00, ~1.4% yield); the company also reported Q4 EPS of $2.86, beating estimates while revenue slightly missed.

Smith Salley Wealth Management purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 6,320 shares of the company's stock, valued at approximately $1,855,000.

Other hedge funds also recently modified their holdings of the company. Caitlin John LLC acquired a new position in L3Harris Technologies in the 3rd quarter worth about $28,000. American National Bank & Trust boosted its stake in shares of L3Harris Technologies by 44.8% during the fourth quarter. American National Bank & Trust now owns 97 shares of the company's stock valued at $28,000 after purchasing an additional 30 shares in the last quarter. JPL Wealth Management LLC bought a new stake in shares of L3Harris Technologies during the third quarter worth about $29,000. Triumph Capital Management bought a new stake in shares of L3Harris Technologies during the third quarter worth about $31,000. Finally, GGM Financials LLC acquired a new position in shares of L3Harris Technologies in the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 751 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the completion of the sale, the vice president owned 4,131 shares in the company, valued at approximately $1,529,791.92. The trade was a 15.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the sale, the insider directly owned 7,660 shares of the company's stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.68% of the stock is owned by company insiders.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $349.76 on Monday. L3Harris Technologies Inc has a one year low of $208.11 and a one year high of $379.23. The firm has a market capitalization of $65.33 billion, a price-to-earnings ratio of 41.00, a PEG ratio of 1.77 and a beta of 0.62. The business has a 50-day simple moving average of $355.54 and a 200 day simple moving average of $321.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the prior year, the company earned $3.47 earnings per share. The company's quarterly revenue was up 2.3% on a year-over-year basis. On average, research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were issued a $1.25 dividend. The ex-dividend date was Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's dividend payout ratio (DPR) is 58.62%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on LHX shares. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a research report on Wednesday, January 14th. Citigroup raised their price target on shares of L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. Wolfe Research reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Friday, January 30th. Finally, UBS Group increased their price objective on L3Harris Technologies to $323.00 and gave the company a "neutral" rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $349.55.

L3Harris Technologies Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

Want to see what other hedge funds are holding LHX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L3Harris Technologies Inc (NYSE:LHX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.