Cullen Investment Group LTD. Cuts Stock Position in L3Harris Technologies Inc $LHX

Cullen Investment Group LTD. lessened its holdings in L3Harris Technologies Inc (NYSE:LHX) by 33.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,569 shares of the company’s stock after selling 2,768 shares during the period. Cullen Investment Group LTD.’s holdings in L3Harris Technologies were worth $1,635,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of LHX. Caitlin John LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter worth about $28,000. JPL Wealth Management LLC purchased a new stake in shares of L3Harris Technologies during the 3rd quarter valued at about $29,000. Triumph Capital Management bought a new position in shares of L3Harris Technologies in the 3rd quarter valued at about $31,000. GGM Financials LLC purchased a new position in L3Harris Technologies in the third quarter worth about $32,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in L3Harris Technologies in the second quarter worth about $34,000. Institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LHX shares. Truist Financial set a $364.00 price objective on L3Harris Technologies in a research report on Wednesday, January 14th. Argus raised L3Harris Technologies to a “strong-buy” rating in a research report on Friday, February 27th. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Royal Bank Of Canada raised their price target on L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Finally, Wall Street Zen cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One investment 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 MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

Insider Activity

In related news, insider Samir Mehta sold 5,528 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This trade represents a 41.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction dated 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 owned 7,660 shares of the company’s stock, valued at $2,836,651.20. The trade was a 41.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety 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 Stock Up 0.2%

Shares of NYSE:LHX opened at $352.25 on Thursday. The firm has a market capitalization of $65.79 billion, a PE ratio of 41.29, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. The business has a 50 day simple moving average of $354.06 and a two-hundred day simple moving average of $313.51. L3Harris Technologies Inc has a 1 year low of $195.72 and a 1 year high of $379.23. 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 issued its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period last year, the company earned $3.47 EPS. L3Harris Technologies’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend 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 was Friday, March 6th. L3Harris Technologies’s dividend payout ratio is 58.62%.

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.