WealthShield Partners LLC Decreases Stock Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• WealthShield Partners LLC has reduced its stake in L3Harris Technologies Inc by 29.4%, bringing its holdings down to 13,324 shares valued at approximately $2.79 million.
• Insider selling occurred with CEO Christopher E. Kubasik offloading 72,000 shares for over $19.5 million, which represents a 33.09% decrease in his ownership.
• L3Harris Technologies plans to distribute a quarterly dividend of $1.20, reflecting an annual dividend yield of 1.7% with a payout ratio of 53.63%.

WealthShield Partners LLC lowered its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,324 shares of the company's stock after selling 5,542 shares during the period. WealthShield Partners LLC's holdings in L3Harris Technologies were worth $2,789,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. increased its holdings in 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 during the last quarter. GAMMA Investing LLC increased its holdings in L3Harris Technologies by 18,295.3% during the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock worth $107,424,000 after buying an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after buying an additional 311,886 shares during the last quarter. Deutsche Bank AG increased its holdings in L3Harris Technologies by 64.2% during the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after buying an additional 289,514 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in L3Harris Technologies during the fourth quarter worth about $53,011,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on LHX. Citigroup raised their price objective on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. UBS Group increased their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Truist Financial increased their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Robert W. Baird increased their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Barclays increased their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Six equities research 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 presently has an average rating of "Moderate Buy" and an average target price of $279.47.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider directly owned 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. Insiders have sold 107,061 shares of company stock worth $28,227,077 over the last three months. Insiders own 0.72% of the company's stock.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded down $4.12 during mid-day trading on Friday, hitting $269.69. 1,639,160 shares of the company traded hands, compared to its average volume of 1,407,472. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The stock has a market cap of $50.46 billion, a price-to-earnings ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a fifty day moving average price of $258.25 and a 200-day moving average price of $229.85.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the previous year, the business posted $3.24 earnings per share. L3Harris Technologies's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. L3Harris Technologies's dividend payout ratio (DPR) is 53.63%.

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.