Essex Savings Bank Sells 152 Shares of L3Harris Technologies Inc (NYSE:LHX)

Essex Savings Bank reduced its holdings in L3Harris Technologies Inc (NYSE:LHX) by 2.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,752 shares of the company’s stock after selling 152 shares during the period. Essex Savings Bank’s holdings in L3Harris Technologies were worth $1,204,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in shares of L3Harris Technologies in the 4th quarter worth $398,507,000. Invesco Ltd. lifted its stake in L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after buying an additional 522,861 shares during the period. GAMMA Investing LLC boosted its holdings in L3Harris Technologies by 18,295.3% during the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company’s stock worth $107,424,000 after buying an additional 510,438 shares during the last quarter. Vanguard Group Inc. grew its position in shares of L3Harris Technologies by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock worth $4,895,534,000 after buying an additional 401,168 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of L3Harris Technologies by 64.2% in the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock valued at $155,691,000 after acquiring an additional 289,514 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider now owns 25,325 shares of the company’s stock, valued at approximately $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 33,061 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the sale, the chief executive officer now owns 145,572 shares in the company, valued at $36,171,730.56. The trade was a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $250.82 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The firm has a market cap of $46.89 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 1.98 and a beta of 0.74. The stock’s 50-day moving average is $229.61 and its 200-day moving average is $218.31. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $265.74.

L3Harris Technologies (NYSE:LHX) last released its 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 return on equity of 12.38% and a net margin of 7.55%. The firm had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the previous year, the business posted $3.06 EPS. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. Equities analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is presently 56.94%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company cut their price target 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. UBS Group upped their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research note on Monday, April 28th. The Goldman Sachs Group raised shares of L3Harris Technologies from a “sell” rating to a “buy” rating and lifted their price target for the stock from $198.00 to $263.00 in a research report on Friday, April 11th. Truist Financial decreased their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a report on Friday, April 25th. Finally, Jefferies Financial Group dropped their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.75.

L3Harris Technologies 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.