Richard Bernstein Advisors LLC Trims Holdings in L3Harris Technologies Inc $LHX

Richard Bernstein Advisors LLC decreased its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 66.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 4,049 shares of the company’s stock after selling 7,966 shares during the period. Richard Bernstein Advisors LLC’s holdings in L3Harris Technologies were worth $1,237,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. First Horizon Corp purchased a new stake in L3Harris Technologies in the 3rd quarter worth approximately $10,667,000. Merit Financial Group LLC grew its position in L3Harris Technologies by 55.9% in the third quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock worth $3,051,000 after acquiring an additional 3,583 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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 purchasing an additional 3,532 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in L3Harris Technologies by 32.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock valued at $6,513,000 after acquiring an additional 5,239 shares during the last quarter. Finally, Crystal Rock Capital Management purchased a new position in L3Harris Technologies in the 3rd quarter worth $1,993,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Activity

In related news, insider Samir Mehta sold 5,528 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company’s stock, valued at approximately $2,872,201.92. This represents a 41.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Melanie Rakita sold 751 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the transaction, the vice president directly owned 4,131 shares in the company, valued at approximately $1,529,791.92. The trade was a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,025 shares of company stock valued at $6,824,370 in the last ninety days. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Price Performance

LHX opened at $361.51 on Wednesday. The company has a market capitalization of $67.52 billion, a price-to-earnings ratio of 42.38, a PEG ratio of 2.68 and a beta of 0.63. 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 Inc has a 12-month low of $195.72 and a 12-month high of $379.23. The business’s fifty day simple moving average is $345.35 and its 200-day simple moving average is $307.31.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share 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 analysts’ expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.47 EPS. On average, equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal 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 dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change 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 58.62%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Citigroup increased their target price on L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Morgan Stanley lifted their price objective on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Wall Street Zen downgraded L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Finally, Argus raised shares of L3Harris Technologies to a “strong-buy” rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $328.57.

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.