Somerset Trust Co Purchases 1,375 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Somerset Trust Co grew its holdings in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 19,488 shares of the company's stock after purchasing an additional 1,375 shares during the period. L3Harris Technologies makes up about 1.5% of Somerset Trust Co's portfolio, making the stock its 26th biggest position. Somerset Trust Co's holdings in L3Harris Technologies were worth $4,079,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in L3Harris Technologies in the fourth quarter valued at about $398,507,000. Invesco Ltd. increased its holdings in shares of L3Harris Technologies by 30.5% during the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock worth $469,992,000 after buying an additional 522,861 shares in the last quarter. GAMMA Investing LLC raised its position in L3Harris Technologies by 18,295.3% in the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after purchasing an additional 510,438 shares during the last quarter. Vanguard Group Inc. boosted its position in L3Harris Technologies by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock worth $4,895,534,000 after buying an additional 401,168 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of L3Harris Technologies by 64.2% in the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after purchasing an additional 289,514 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Up 0.1%

L3Harris Technologies stock traded up $0.31 during mid-day trading on Wednesday, reaching $243.50. The stock had a trading volume of 327,680 shares, compared to its average volume of 1,097,508. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. L3Harris Technologies, Inc. has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The stock's 50-day simple moving average is $221.49 and its 200-day simple moving average is $218.16. The firm has a market capitalization of $45.52 billion, a PE ratio of 30.94, a price-to-earnings-growth ratio of 2.42 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. The business had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. During the same quarter last year, the firm earned $3.06 EPS. The firm's revenue for the quarter was down 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.97%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on LHX shares. Citigroup lowered their target price on L3Harris Technologies from $285.00 to $245.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Truist Financial reduced their target price on 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 raised their price target on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Bank of America reduced their price objective on shares of L3Harris Technologies from $300.00 to $265.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Finally, Morgan Stanley lowered their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $256.56.

Insiders Place Their Bets

In other news, insider Jon Rambeau sold 3,178 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the transaction, the insider now directly owns 2,797 shares of the company's stock, valued at $632,122. This represents a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider now owns 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,961 shares of company stock valued at $1,585,297 in the last three months. 0.72% of the stock is currently owned by insiders.

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.