Envestnet Asset Management Inc. Sells 35,775 Shares of L3Harris Technologies Inc $LHX

Envestnet Asset Management Inc. trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 2.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,338,467 shares of the company’s stock after selling 35,775 shares during the quarter. Envestnet Asset Management Inc. owned 0.72% of L3Harris Technologies worth $408,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kiker Wealth Management LLC increased its stake in L3Harris Technologies by 137.0% in the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company’s stock valued at $27,000 after buying an additional 63 shares during the last quarter. Harbor Asset Planning Inc. purchased a new stake in shares of L3Harris Technologies during the second quarter valued at approximately $32,000. Twin Peaks Wealth Advisors LLC bought a new stake in L3Harris Technologies during the second quarter worth $34,000. Salomon & Ludwin LLC purchased a new position in L3Harris Technologies in the third quarter worth $34,000. Finally, Rakuten Securities Inc. boosted its position in L3Harris Technologies by 234.8% in the second quarter. Rakuten Securities Inc. now owns 154 shares of the company’s stock worth $39,000 after purchasing an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Truist Financial set a $364.00 target price on L3Harris Technologies in a research note on Wednesday, January 14th. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Citigroup boosted their target price on shares of L3Harris Technologies from $331.00 to $389.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Wall Street Zen lowered shares of L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 11th. Finally, BNP Paribas Exane raised shares of L3Harris Technologies to a “hold” rating in a report on Tuesday, November 18th. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $322.57.

L3Harris Technologies Trading Down 3.5%

Shares of LHX stock opened at $339.43 on Thursday. The stock has a market capitalization of $63.49 billion, a price-to-earnings ratio of 39.79, a PEG ratio of 2.53 and a beta of 0.64. The company’s fifty day simple moving average is $312.18 and its two-hundred day simple moving average is $293.22. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $369.59. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period last year, the company earned $3.47 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.5%. L3Harris Technologies’s payout ratio is currently 56.27%.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 14,171 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $301.05, for a total transaction of $4,266,179.55. Following the completion of the transaction, the chief executive officer owned 144,426 shares of the company’s stock, valued at approximately $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.