Yacktman Asset Management LP Cuts Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Yacktman Asset Management LP lowered its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 550,506 shares of the company's stock after selling 50,802 shares during the quarter. L3Harris Technologies comprises 1.5% of Yacktman Asset Management LP's holdings, making the stock its 26th largest holding. Yacktman Asset Management LP owned 0.29% of L3Harris Technologies worth $115,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock valued at $4,895,534,000 after purchasing an additional 401,168 shares in the last quarter. Geode Capital Management LLC boosted its position in L3Harris Technologies by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock valued at $1,004,418,000 after purchasing an additional 53,787 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position 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 valued at $486,898,000 after purchasing an additional 311,886 shares in the last quarter. FMR LLC boosted its position in L3Harris Technologies by 11.5% during the fourth quarter. FMR LLC now owns 2,261,999 shares of the company's stock valued at $475,653,000 after purchasing an additional 233,968 shares in the last quarter. Finally, Invesco Ltd. boosted its position in L3Harris Technologies by 30.5% during the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after purchasing an additional 522,861 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Wall Street Analyst Weigh In

LHX has been the subject of several recent analyst reports. Citigroup raised their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Wells Fargo & Company lowered their price target on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group lowered their price target on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a report on Monday, March 31st. UBS Group raised their price target on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Finally, Truist Financial lowered their price target on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating for the company in a report on Friday, April 25th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and an average target price of $258.75.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 33,061 shares of the business'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. The trade was a 18.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred 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 sale, the insider owned 25,325 shares of the company's stock, 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. 0.72% of the stock is currently owned by company insiders.

L3Harris Technologies Stock Performance

LHX stock traded up $1.19 during trading on Thursday, hitting $260.24. 1,157,679 shares of the company traded hands, compared to its average volume of 1,158,047. The stock's 50-day simple moving average is $241.30 and its 200 day simple moving average is $221.42. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The company has a market cap of $48.65 billion, a PE ratio of 30.87, a P/E/G ratio of 2.07 and a beta of 0.75. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $265.74.

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. The company had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. L3Harris Technologies's quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the business earned $3.06 earnings per share. On average, equities analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business 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 yield of 1.84%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio is currently 56.94%.

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.