Spectrum Asset Management Inc. NB CA Decreases Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Spectrum Asset Management Inc. NB CA lessened its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 1.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 15,712 shares of the company’s stock after selling 155 shares during the quarter. Spectrum Asset Management Inc. NB CA’s holdings in L3Harris Technologies were worth $3,289,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in LHX. LaFleur & Godfrey LLC boosted its holdings in L3Harris Technologies by 58.3% during the 4th quarter. LaFleur & Godfrey LLC now owns 26,799 shares of the company’s stock valued at $5,635,000 after acquiring an additional 9,873 shares during the period. Brighton Jones LLC raised its stake in shares of L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock valued at $901,000 after acquiring an additional 3,001 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at approximately $42,000. Empowered Funds LLC grew its stake in L3Harris Technologies by 24.3% in the fourth quarter. Empowered Funds LLC now owns 19,735 shares of the company’s stock worth $4,150,000 after purchasing an additional 3,852 shares in the last quarter. Finally, Certuity LLC purchased a new stake in shares of L3Harris Technologies in the 4th quarter worth $200,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Activity

In other news, insider Edward J. Zoiss sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider now directly owns 25,325 shares of the company’s stock, valued at $6,204,625. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $246.79 on Thursday. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market cap of $46.14 billion, a PE ratio of 31.36, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74. The business has a 50-day simple moving average of $225.81 and a 200-day simple moving average of $218.31.

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

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Tuesday, June 3rd. L3Harris Technologies’s payout ratio is currently 56.94%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup upped their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday. Truist Financial dropped their target price on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. UBS Group raised their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research report on Monday, April 28th. Wells Fargo & Company reduced their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, 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. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.75.

L3Harris Technologies Company Profile

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.