Allspring Global Investments Holdings LLC Reduces Stake in L3Harris Technologies Inc $LHX

Allspring Global Investments Holdings LLC lessened its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 30.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 527,590 shares of the company’s stock after selling 234,965 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.28% of L3Harris Technologies worth $160,641,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. Brighton Jones LLC boosted its stake in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock worth $901,000 after purchasing an additional 3,001 shares during the last quarter. Mackenzie Financial Corp boosted its position in L3Harris Technologies by 446.9% during the second quarter. Mackenzie Financial Corp now owns 109,035 shares of the company’s stock worth $27,350,000 after acquiring an additional 89,099 shares during the last quarter. Schroder Investment Management Group grew its stake in L3Harris Technologies by 0.3% in the 2nd quarter. Schroder Investment Management Group now owns 17,412 shares of the company’s stock worth $4,368,000 after acquiring an additional 46 shares during the period. Lido Advisors LLC grew its stake in L3Harris Technologies by 73.5% in the 2nd quarter. Lido Advisors LLC now owns 10,316 shares of the company’s stock worth $2,588,000 after acquiring an additional 4,369 shares during the period. Finally, Boston Family Office LLC acquired a new position in L3Harris Technologies in the 2nd quarter valued at $267,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

LHX has been the topic of several analyst reports. Citigroup raised their price objective on L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. JPMorgan Chase & Co. raised their price target on L3Harris Technologies from $340.00 to $395.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Wolfe Research restated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. Finally, Morgan Stanley upped their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $334.62.

Insider Buying and Selling

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 shares of the business’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 $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Melanie Rakita sold 751 shares of the 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 completion of the sale, the vice president directly owned 4,131 shares of the company’s stock, valued at $1,529,791.92. The trade was a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Trading Down 1.2%

Shares of LHX opened at $338.96 on Tuesday. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $63.31 billion, a P/E ratio of 39.74, a price-to-earnings-growth ratio of 2.47 and a beta of 0.63. The stock’s fifty day simple moving average is $354.04 and its 200 day simple moving average is $315.24. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The firm 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%.The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.47 earnings per share. On average, equities research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were given a dividend of $1.25 per share. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. 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 1.5%. L3Harris Technologies’s dividend payout ratio is currently 58.62%.

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.