Vestmark Advisory Solutions Inc. Trims Stock Position in L3Harris Technologies Inc $LHX

Vestmark Advisory Solutions Inc. cut its position in L3Harris Technologies Inc (NYSE:LHX) by 59.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,378 shares of the company’s stock after selling 4,978 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in L3Harris Technologies were worth $1,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. First Horizon Corp purchased a new stake in L3Harris Technologies in the third quarter worth $10,667,000. Merit Financial Group LLC grew its position in shares of L3Harris Technologies by 55.9% in the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock worth $3,051,000 after buying an additional 3,583 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of L3Harris Technologies by 32.6% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock worth $6,513,000 after acquiring an additional 5,239 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in L3Harris Technologies by 13.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock valued at $9,230,000 after acquiring an additional 3,532 shares during the period. Finally, Crystal Rock Capital Management purchased a new position in shares of L3Harris Technologies during the third quarter valued at approximately $1,993,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Samir Mehta sold 4,840 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the completion of the sale, the insider directly owned 5,916 shares of the company’s stock, valued at $2,004,636.60. This represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Stock Down 3.7%

LHX opened at $341.26 on Thursday. The firm’s 50 day simple moving average is $332.44 and its two-hundred day simple moving average is $301.17. The company has a market capitalization of $63.74 billion, a PE ratio of 40.01, a PEG ratio of 2.55 and a beta of 0.64. L3Harris Technologies Inc has a 1-year low of $195.72 and a 1-year high of $369.59. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

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

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors 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 represents a $5.00 annualized dividend and a yield of 1.5%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is currently 56.27%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. TD Cowen restated a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. UBS Group increased their price target on shares of L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Company 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.