Synergy Asset Management LLC Sells 12,022 Shares of L3Harris Technologies Inc $LHX

Synergy Asset Management LLC lessened its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 78.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,322 shares of the company’s stock after selling 12,022 shares during the period. Synergy Asset Management LLC’s holdings in L3Harris Technologies were worth $975,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in shares of L3Harris Technologies by 1,053.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after purchasing an additional 1,079,474 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in L3Harris Technologies by 8,284.6% in the second quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock valued at $194,482,000 after purchasing an additional 766,075 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in L3Harris Technologies in the third quarter valued at about $211,703,000. Two Sigma Investments LP lifted its position in L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company’s stock worth $187,609,000 after purchasing an additional 521,312 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in L3Harris Technologies by 155.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock worth $155,107,000 after buying an additional 376,499 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LHX shares. Vertical Research reissued a “buy” rating and issued a $355.00 target price on shares of L3Harris Technologies in a report on Tuesday, January 13th. Citigroup increased their price target on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a research note on Wednesday, January 14th. TD Cowen restated a “buy” rating on shares of L3Harris Technologies in a research report on Monday, January 5th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $349.43 on Friday. The firm has a market cap of $65.27 billion, a PE ratio of 40.96, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. L3Harris Technologies Inc has a 52 week low of $195.72 and a 52 week high of $379.23. The firm’s fifty day moving average is $354.25 and its 200-day moving average is $313.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. The business 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%.During the same period last year, the company earned $3.47 EPS. L3Harris Technologies’s revenue for the quarter was up 2.3% compared to the same quarter last year. Sell-side analysts predict 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 was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is currently 58.62%.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 751 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 4,131 shares in the company, valued at approximately $1,529,791.92. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Samir Mehta sold 5,528 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the sale, the insider directly owned 7,756 shares in the company, valued at $2,872,201.92. This trade represents a 41.61% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by company insiders.

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.