State of New Jersey Common Pension Fund D Decreases Stock Position in L3Harris Technologies Inc $LHX

State of New Jersey Common Pension Fund D reduced its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,622 shares of the company’s stock after selling 1,067 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in L3Harris Technologies were worth $15,708,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new position in shares of L3Harris Technologies during the 1st quarter valued at approximately $26,000. Nova Wealth Management Inc. purchased a new position in shares of L3Harris Technologies during the 1st quarter valued at approximately $26,000. Kiker Wealth Management LLC boosted its stake in shares of L3Harris Technologies by 137.0% during the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company’s stock valued at $27,000 after buying an additional 63 shares during the last quarter. Harbor Asset Planning Inc. purchased a new position in shares of L3Harris Technologies during the 2nd quarter valued at approximately $32,000. Finally, Independence Bank of Kentucky boosted its stake in shares of L3Harris Technologies by 44.4% during the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock valued at $33,000 after buying an additional 40 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Truist Financial raised their price objective on L3Harris Technologies from $302.00 to $353.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Barclays raised their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of L3Harris Technologies in a research note on Saturday. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $287.63.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $293.22 on Friday. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $308.12. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The business’s fifty day moving average price is $285.35 and its two-hundred day moving average price is $258.81. The firm has a market capitalization of $54.86 billion, a PE ratio of 32.76, a P/E/G ratio of 2.14 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same period last year, the company earned $3.24 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be given a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 1.6%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 53.63%.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the sale, the chief executive officer directly owned 145,578 shares of the company’s stock, valued at $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 195,138 shares of company stock valued at $53,571,774 over the last quarter. 0.72% of the stock is owned by company insiders.

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.