Confluence Wealth Services Inc. Trims Stake in L3Harris Technologies Inc (NYSE:LHX)

Confluence Wealth Services Inc. lessened its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 78.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,269 shares of the company’s stock after selling 4,536 shares during the quarter. Confluence Wealth Services Inc.’s holdings in L3Harris Technologies were worth $274,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in LHX. CWC Advisors LLC. grew its position in shares of L3Harris Technologies by 58.4% during the first quarter. CWC Advisors LLC. now owns 4,112 shares of the company’s stock worth $861,000 after acquiring an additional 1,516 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock worth $486,898,000 after purchasing an additional 311,886 shares during the period. Schwartz Investment Counsel Inc. boosted its stake in L3Harris Technologies by 12.4% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 130,975 shares of the company’s stock worth $27,414,000 after purchasing an additional 14,500 shares during the period. Gold Investment Management Ltd. grew its position in L3Harris Technologies by 25.4% during the 1st quarter. Gold Investment Management Ltd. now owns 834 shares of the company’s stock worth $175,000 after purchasing an additional 169 shares during the last quarter. Finally, 3Chopt Investment Partners LLC acquired a new position in L3Harris Technologies in the first quarter valued at $382,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Trading Up 0.3%

Shares of LHX opened at $247.52 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $265.74. The stock has a market cap of $46.27 billion, a price-to-earnings ratio of 29.36, a price-to-earnings-growth ratio of 1.97 and a beta of 0.74. The firm has a 50 day simple moving average of $234.39 and a 200-day simple moving average of $218.99.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, April 24th. The company reported $2.41 earnings per share (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 business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the business earned $3.06 earnings per share. The business’s revenue was down 1.5% on a year-over-year basis. Equities analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Insider Buying and Selling at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider now directly owns 25,325 shares of the company’s stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the transaction, the chief executive officer now directly owns 145,572 shares in the company, valued at approximately $36,171,730.56. This represents 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 insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Truist Financial lowered their price target on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a report on Friday, April 25th. The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and lifted their target price for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Jefferies Financial Group dropped their target price on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Citigroup increased their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Finally, Wells Fargo & Company lowered their price objective 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. Five research 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.com, L3Harris Technologies has an average rating of “Moderate Buy” and an average price target 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.