Burling Wealth Partners LLC Lowers Stake in L3Harris Technologies Inc $LHX

Burling Wealth Partners LLC cut its stake in L3Harris Technologies Inc (NYSE:LHX) by 50.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,033 shares of the company’s stock after selling 2,032 shares during the quarter. Burling Wealth Partners LLC’s holdings in L3Harris Technologies were worth $621,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in LHX. Twin Peaks Wealth Advisors LLC purchased a new position in L3Harris Technologies in the second quarter valued at about $34,000. Salomon & Ludwin LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at about $34,000. Rakuten Securities Inc. grew its position in shares of L3Harris Technologies by 234.8% in the 2nd quarter. Rakuten Securities Inc. now owns 154 shares of the company’s stock worth $39,000 after buying an additional 108 shares during the last quarter. Steigerwald Gordon & Koch Inc. purchased a new stake in L3Harris Technologies during the third quarter valued at approximately $42,000. Finally, Copia Wealth Management boosted its stake in 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 acquiring an additional 129 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 1.8%

Shares of L3Harris Technologies stock opened at $358.38 on Friday. The stock has a market cap of $66.94 billion, a PE ratio of 42.01, a price-to-earnings-growth ratio of 2.54 and a beta of 0.64. The firm has a fifty day moving average price of $327.05 and a 200 day moving average price of $298.88. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $369.59. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

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 company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $3.47 EPS. Equities research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, March 6th. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. L3Harris Technologies’s dividend payout ratio is presently 56.27%.

Insider Buying and Selling

In other news, insider Samir Mehta sold 4,840 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the completion of the transaction, the insider directly owned 5,916 shares of the company’s stock, valued at $2,004,636.60. The trade was a 45.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

LHX has been the subject of several analyst reports. Morgan Stanley increased their price objective on L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Vertical Research reiterated a “buy” rating and issued a $355.00 price target on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research report on Monday, January 5th. Finally, Citigroup boosted their target price 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. Fifteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.