Assetmark Inc. Sells 9,337 Shares of L3Harris Technologies Inc $LHX

Assetmark Inc. lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 43.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,067 shares of the company’s stock after selling 9,337 shares during the quarter. Assetmark Inc.’s holdings in L3Harris Technologies were worth $3,685,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Salomon & Ludwin LLC bought a new position in L3Harris Technologies during the third quarter worth $34,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of L3Harris Technologies in the second quarter valued at approximately $34,000. Copia Wealth Management lifted its holdings in shares of L3Harris Technologies by 1,842.9% in the third quarter. Copia Wealth Management now owns 136 shares of the company’s stock valued at $42,000 after purchasing an additional 129 shares in the last quarter. Steigerwald Gordon & Koch Inc. bought a new stake in L3Harris Technologies during the third quarter worth $42,000. Finally, Westside Investment Management Inc. raised its position in L3Harris Technologies by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 142 shares of the company’s stock valued at $43,000 after buying an additional 71 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock opened at $346.52 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The firm has a market cap of $64.72 billion, a PE ratio of 40.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $369.59. The company’s fifty day simple moving average is $324.34 and its two-hundred day simple moving average is $298.08.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $3.47 EPS. As a group, equities analysts expect 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. Shareholders of record on Friday, March 6th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.4%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. L3Harris Technologies’s dividend payout ratio is presently 56.27%.

Insider Activity

In related news, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction that occurred 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 transaction, the insider directly owned 5,916 shares in the company, valued at $2,004,636.60. The trade was a 45.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a research note on Wednesday, January 14th. JPMorgan Chase & Co. boosted their target price on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, February 6th. Weiss Ratings raised L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Finally, Citigroup raised their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Fifteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

About L3Harris Technologies

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.