HighTower Advisors LLC Decreases Holdings in L3Harris Technologies Inc $LHX

HighTower Advisors LLC trimmed its position in L3Harris Technologies Inc (NYSE:LHX) by 5.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 35,334 shares of the company’s stock after selling 1,955 shares during the quarter. HighTower Advisors LLC’s holdings in L3Harris Technologies were worth $10,791,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in LHX. Vanguard Group Inc. boosted its position in shares of L3Harris Technologies by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company’s stock worth $5,811,973,000 after purchasing an additional 121,619 shares in the last quarter. State Street Corp raised its stake in L3Harris Technologies by 1.2% in the second quarter. State Street Corp now owns 8,874,482 shares of the company’s stock valued at $2,226,075,000 after buying an additional 105,402 shares during the last quarter. Geode Capital Management LLC boosted its holdings in L3Harris Technologies by 0.8% in the second quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company’s stock worth $1,236,410,000 after acquiring an additional 38,820 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of L3Harris Technologies by 52.3% during the second quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock worth $1,032,716,000 after acquiring an additional 1,413,833 shares during the last quarter. Finally, Boston Partners increased its holdings in shares of L3Harris Technologies by 72.1% during the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after acquiring an additional 838,546 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LHX shares. Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Morgan Stanley boosted their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Truist Financial set a $364.00 target price on L3Harris Technologies in a research report on Wednesday, January 14th. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Finally, BNP Paribas Exane raised L3Harris Technologies to a “hold” rating in a report on Tuesday, November 18th. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $328.57.

Insider Activity at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of L3Harris Technologies stock in a transaction dated Thursday, February 5th. The stock was 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 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Trading Down 0.8%

L3Harris Technologies stock opened at $355.84 on Friday. The firm has a market cap of $66.46 billion, a PE ratio of 41.72, a P/E/G ratio of 2.57 and a beta of 0.64. L3Harris Technologies Inc has a 12 month low of $195.72 and a 12 month high of $369.59. The stock’s 50 day simple moving average is $328.43 and its two-hundred day simple moving average is $299.57. 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 earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same period in the previous year, the business posted $3.47 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is currently 56.27%.

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.