First National Bank of Mount Dora Trust Investment Services Reduces Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

First National Bank of Mount Dora Trust Investment Services lessened its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 59.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,473 shares of the company’s stock after selling 16,916 shares during the period. First National Bank of Mount Dora Trust Investment Services’ holdings in L3Harris Technologies were worth $2,401,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Belpointe Asset Management LLC grew its stake in shares of L3Harris Technologies by 0.7% in the fourth quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company’s stock worth $1,476,000 after purchasing an additional 52 shares during the last quarter. Klingman & Associates LLC lifted its position in L3Harris Technologies by 2.8% in the 4th quarter. Klingman & Associates LLC now owns 1,933 shares of the company’s stock valued at $406,000 after acquiring an additional 53 shares in the last quarter. CWC Advisors LLC. boosted its position in shares of L3Harris Technologies by 2.1% during the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company’s stock valued at $546,000 after buying an additional 53 shares during the last quarter. Zullo Investment Group Inc. grew its position in L3Harris Technologies by 3.2% in the 4th quarter. Zullo Investment Group Inc. now owns 1,717 shares of the company’s stock worth $361,000 after purchasing an additional 54 shares during the period. Finally, Citizens Financial Group Inc. RI grew its position in shares of L3Harris Technologies by 0.6% during the 4th quarter. Citizens Financial Group Inc. RI now owns 8,908 shares of the company’s stock valued at $1,873,000 after acquiring an additional 54 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LHX. Citigroup boosted their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial decreased their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company decreased their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group cut their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, The Goldman Sachs Group upgraded shares of L3Harris Technologies from a “sell” rating to a “buy” rating and upped their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $258.75.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider now directly owns 25,325 shares of the company’s stock, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by insiders.

L3Harris Technologies Trading Up 0.6%

NYSE LHX opened at $245.67 on Tuesday. The stock has a market cap of $45.93 billion, a P/E ratio of 31.22, a P/E/G ratio of 2.42 and a beta of 0.74. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $224.21 and a two-hundred day simple moving average of $217.92. L3Harris Technologies, Inc. has a 12-month low of $193.09 and a 12-month high of $265.74.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. The company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the business earned $3.06 earnings per share. The firm’s revenue was down 1.5% on a year-over-year basis. On average, analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is currently 56.94%.

About L3Harris Technologies

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.