California Public Employees Retirement System Sells 79,158 Shares of L3Harris Technologies Inc $LHX

California Public Employees Retirement System lessened its holdings in L3Harris Technologies Inc (NYSE:LHX) by 12.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 557,022 shares of the company’s stock after selling 79,158 shares during the quarter. California Public Employees Retirement System owned 0.30% of L3Harris Technologies worth $170,120,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Twin Lakes Capital Management LLC boosted its holdings in L3Harris Technologies by 0.3% in the 3rd quarter. Twin Lakes Capital Management LLC now owns 14,340 shares of the company’s stock valued at $4,380,000 after purchasing an additional 38 shares during the period. Patrick M Sweeney & Associates Inc. increased its holdings in shares of L3Harris Technologies by 3.8% during the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,095 shares of the company’s stock worth $280,000 after purchasing an additional 40 shares during the period. Moment Partners LLC increased its holdings in shares of L3Harris Technologies by 1.6% during the third quarter. Moment Partners LLC now owns 2,501 shares of the company’s stock worth $764,000 after purchasing an additional 40 shares during the period. Catalyst Financial Partners LLC raised its position in shares of L3Harris Technologies by 2.6% in the third quarter. Catalyst Financial Partners LLC now owns 1,602 shares of the company’s stock valued at $489,000 after buying an additional 40 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its stake in shares of L3Harris Technologies by 3.9% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,085 shares of the company’s stock valued at $331,000 after buying an additional 41 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Trading Up 0.2%

Shares of LHX opened at $358.66 on Monday. 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 Inc has a 52-week low of $195.72 and a 52-week high of $379.23. The firm has a market cap of $66.99 billion, a price-to-earnings ratio of 42.05, a PEG ratio of 2.59 and a beta of 0.63. The business’s fifty day moving average is $349.12 and its 200-day moving average is $309.07.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data 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 business had revenue of $5.65 billion during 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%.L3Harris Technologies’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.47 EPS. Equities analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date 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 58.62%.

Insider Activity

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 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 value of $2,047,128.96. Following the sale, the insider owned 7,660 shares in the company, valued at $2,836,651.20. This trade represents a 41.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Melanie Rakita sold 751 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $278,110.32. Following the sale, 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 position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 19,025 shares of company stock worth $6,824,370. Corporate insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Wolfe Research restated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. JPMorgan Chase & Co. increased their target price on L3Harris Technologies from $340.00 to $395.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. Wall Street Zen cut L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Argus raised L3Harris Technologies to a “strong-buy” rating in a research note on Friday, February 27th. Finally, Vertical Research reaffirmed a “buy” rating and set a $355.00 price objective on shares of L3Harris Technologies in a research report on Tuesday, January 13th. One equities research 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.