Zions Bancorporation National Association UT Takes $748,000 Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Zions Bancorporation National Association UT purchased a new stake in L3Harris Technologies valued at approximately $748,000, acquiring 3,573 shares in the 1st quarter.
• Several institutional investors have recently increased their positions in L3Harris Technologies, with 84.76% of the company's stock now owned by institutional investors.
• L3Harris Technologies reported earnings of $2.78 per share in its latest quarterly results, exceeding analysts' estimates and showing a revenue increase of 2.4% compared to the previous year.

Zions Bancorporation National Association UT purchased a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,573 shares of the company's stock, valued at approximately $748,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Clearstead Trust LLC purchased a new position in L3Harris Technologies during the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its position 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 acquiring an additional 58 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after purchasing an additional 111 shares during the last quarter. Park Square Financial Group LLC bought a new stake in L3Harris Technologies during the 4th quarter valued at about $37,000. Finally, Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after purchasing an additional 139 shares during the period. Institutional investors own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

LHX has been the subject of several research reports. Barclays lifted their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Truist Financial increased their price target 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. UBS Group lifted their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Susquehanna boosted their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $279.47.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the business's stock in a transaction that occurred on 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 approximately $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the firm'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 transaction, the insider owned 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,061 shares of company stock valued at $28,227,077. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Trading Down 1.5%

NYSE LHX opened at $269.69 on Friday. The firm has a market cap of $50.46 billion, a P/E ratio of 30.13, a P/E/G ratio of 1.97 and a beta of 0.77. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The stock's 50-day moving average is $258.25 and its 200-day moving average is $229.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period last year, the company earned $3.24 earnings per share. The business's revenue was up 2.4% compared to the same quarter last year. 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

About L3Harris Technologies

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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