Westwood Holdings Group Inc. Sells 14,242 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Westwood Holdings Group Inc. reduced its stake in L3Harris Technologies Inc by 74.9%, owning only 4,767 shares after selling 14,242 shares in the first quarter.
• Several institutional investors increased their positions in L3Harris Technologies, with Cary Street Partners boosting their stake by 107.5% and Atria Wealth Solutions by 16.8% during the same period.
• L3Harris Technologies has received positive ratings from various research firms, with Truist Financial raising its target price to $302.00 and Goldman Sachs upgrading its rating from "sell" to "buy."

Westwood Holdings Group Inc. lessened its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 74.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,767 shares of the company's stock after selling 14,242 shares during the quarter. Westwood Holdings Group Inc.'s holdings in L3Harris Technologies were worth $998,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Clearstead Trust LLC purchased a new stake in shares of L3Harris Technologies during the first quarter worth approximately $26,000. Beacon Capital Management LLC increased its stake in shares of L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of L3Harris Technologies by 336.4% during the fourth 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 period. Park Square Financial Group LLC purchased a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $37,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after buying an additional 139 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Trading Down 1.5%

Shares of NYSE LHX 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. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The stock has a market capitalization of $50.46 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 1.97 and a beta of 0.77. The business has a 50 day moving average of $258.25 and a two-hundred day moving average of $229.85.

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

L3Harris Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on LHX shares. Robert W. Baird upped their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Citigroup increased their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Wall Street Zen lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Finally, UBS Group increased their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Activity

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at $39,472,018.92. This represents a 33.09% decrease in their position. The sale was disclosed in a document filed 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 dated 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 directly owned 25,325 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 107,061 shares of company stock worth $28,227,077. Insiders own 0.72% of the company's stock.

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.