Aberdeen Group plc Sells 10,671 Shares of L3Harris Technologies Inc $LHX

Aberdeen Group plc trimmed its position in L3Harris Technologies Inc (NYSE:LHX) by 6.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 166,245 shares of the company’s stock after selling 10,671 shares during the period. Aberdeen Group plc owned about 0.09% of L3Harris Technologies worth $48,805,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. raised its stake 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 valued at $360,964,000 after purchasing an additional 1,079,474 shares during the period. Balyasny Asset Management L.P. lifted its position in L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after buying an additional 766,075 shares during the last quarter. Artisan Partners Limited Partnership purchased a new stake in L3Harris Technologies in the third quarter worth approximately $211,703,000. Two Sigma Investments LP grew its holdings in shares of L3Harris Technologies by 560.7% during the 3rd quarter. Two Sigma Investments LP now owns 614,287 shares of the company’s stock valued at $187,609,000 after purchasing an additional 521,312 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in L3Harris Technologies by 155.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock worth $155,107,000 after purchasing an additional 376,499 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LHX has been the subject of several recent research reports. UBS Group boosted their price target on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. lifted their price objective 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 lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Truist Financial set a $364.00 price objective on L3Harris Technologies in a research report on Wednesday, January 14th. Finally, Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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 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 approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Samir Mehta sold 5,528 shares of L3Harris Technologies stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider owned 7,756 shares in the company, valued at $2,872,201.92. This represents a 41.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 19,025 shares of company stock worth $6,824,370. 0.72% of the stock is owned by insiders.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $356.78 on Friday. The stock has a market cap of $66.64 billion, a price-to-earnings ratio of 41.83, a PEG ratio of 2.57 and a beta of 0.62. 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 Inc has a 1 year low of $195.72 and a 1 year high of $379.23. The firm’s 50-day moving average is $354.30 and its 200 day moving average is $316.78.

L3Harris Technologies (NYSE:LHX) last issued 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. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the prior year, the firm posted $3.47 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently disclosed 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 represents a $5.00 dividend on an annualized basis and a 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 payout ratio is currently 58.62%.

About L3Harris Technologies

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.