Synergy Asset Management LLC Sells 12,022 Shares of L3Harris Technologies Inc $LHX

Key Points

• Synergy Asset Management LLC reduced its stake in L3Harris by 78.3%, selling 12,022 shares in Q4 and holding 3,322 shares worth about $975,000 after the sale.
• Company insiders have been net sellers — 19,025 shares sold in the last 90 days valued at roughly $6.82 million; notable transactions include VP Melanie Rakita (2,378 shares at $341.45) and Jon Rambeau (5,528 shares at $370.32).
• L3Harris fundamentals: market cap ~$65.3 billion, P/E ~40.96, stock trading near $349, and a recently raised quarterly dividend of $1.25 (annualized $5.00, yield ~1.4%).

Synergy Asset Management LLC lessened its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 78.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,322 shares of the company's stock after selling 12,022 shares during the quarter. Synergy Asset Management LLC's holdings in L3Harris Technologies were worth $975,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in LHX. State Street Corp lifted its stake in L3Harris Technologies by 1.2% in the second quarter. State Street Corp now owns 8,874,482 shares of the company's stock valued at $2,226,075,000 after acquiring an additional 105,402 shares during the last quarter. Bank of America Corp DE increased its stake in shares of L3Harris Technologies by 3.1% during the 2nd quarter. Bank of America Corp DE now owns 1,728,519 shares of the company's stock worth $433,582,000 after purchasing an additional 52,776 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of L3Harris Technologies by 23.3% in the 3rd quarter. Capital Research Global Investors now owns 1,657,085 shares of the company's stock valued at $506,090,000 after purchasing an additional 312,846 shares during the period. AGF Management Ltd. raised its holdings in shares of L3Harris Technologies by 15.9% in the 3rd quarter. AGF Management Ltd. now owns 1,500,887 shares of the company's stock valued at $458,386,000 after purchasing an additional 205,479 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in L3Harris Technologies by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,440,599 shares of the company's stock valued at $439,920,000 after purchasing an additional 35,951 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling at L3Harris Technologies

In other news, VP Melanie Rakita sold 2,378 shares of the business's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the sale, the vice president owned 4,882 shares of the company's stock, valued at approximately $1,666,958.90. The trade was a 32.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jon Rambeau sold 5,528 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider owned 7,660 shares in the company, valued at $2,836,651.20. This trade represents a 41.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 19,025 shares of company stock valued at $6,824,370 in the last ninety days. 0.72% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LHX shares. Wall Street Zen downgraded L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Citigroup raised their price objective on L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Susquehanna reissued a "positive" rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Wolfe Research restated an "outperform" rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Finally, TD Cowen reaffirmed a "buy" rating on shares of L3Harris Technologies in a report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $328.57.

L3Harris Technologies Stock Down 0.7%

L3Harris Technologies stock opened at $349.43 on Friday. The company's 50-day moving average price is $354.25 and its two-hundred day moving average price is $313.76. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The stock has a market cap of $65.27 billion, a P/E ratio of 40.96, a P/E/G ratio of 2.54 and a beta of 0.63. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.76 by $0.10. The company had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business's revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.47 earnings per share. As a group, analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

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

L3Harris Technologies Company 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.

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