Washington Trust Bank Purchases 3,433 Shares of L3Harris Technologies Inc (NYSE:LHX)

Washington Trust Bank raised its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 6.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,082 shares of the company's stock after acquiring an additional 3,433 shares during the quarter. Washington Trust Bank's holdings in L3Harris Technologies were worth $11,111,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. boosted its position in L3Harris Technologies by 234.3% during the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after purchasing an additional 82 shares in the last quarter. Millstone Evans Group LLC bought a new stake in shares of L3Harris Technologies in the 4th quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings in shares of L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of L3Harris Technologies by 336.4% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after buying an additional 111 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new position in shares of L3Harris Technologies during the 4th quarter worth approximately $37,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LHX. UBS Group increased their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a report on Monday, April 28th. Citigroup increased their price target on L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Truist Financial dropped their price target on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Jefferies Financial Group cut their price objective 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, The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their target price for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus price target of $258.75.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $256.77 on Monday. The stock has a market capitalization of $48.00 billion, a price-to-earnings ratio of 30.46, a PEG ratio of 2.04 and a beta of 0.75. The firm's 50 day simple moving average is $238.25 and its 200-day simple moving average is $220.27. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. 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 released its quarterly 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. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The firm had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. During the same quarter last year, the company earned $3.06 EPS. The firm's revenue for the quarter was down 1.5% compared to the same quarter last year. Analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend was Tuesday, June 3rd. L3Harris Technologies's payout ratio is 56.94%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 33,061 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 145,572 shares in the company, valued at $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Edward J. Zoiss sold 2,000 shares of the 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 transaction, the insider owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was 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 currently owned by insiders.

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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