Envestnet Portfolio Solutions Inc. Cuts Stock Holdings in L3Harris Technologies Inc $LHX

Envestnet Portfolio Solutions Inc. reduced its stake in L3Harris Technologies Inc (NYSE:LHX) by 21.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,196 shares of the company’s stock after selling 10,106 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in L3Harris Technologies were worth $11,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of LHX. Kiker Wealth Management LLC lifted its holdings 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 worth $27,000 after acquiring an additional 63 shares during the last quarter. Salomon & Ludwin LLC bought a new position in L3Harris Technologies in the third quarter valued at $34,000. Twin Peaks Wealth Advisors LLC purchased a new stake in L3Harris Technologies during the second quarter valued at about $34,000. Harbor Asset Planning Inc. purchased a new stake in L3Harris Technologies during the second quarter valued at about $32,000. Finally, Independence Bank of Kentucky lifted its stake in L3Harris Technologies by 44.4% during the second quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock worth $33,000 after purchasing an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 14,171 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the completion of the sale, the chief executive officer owned 144,426 shares in the company, valued at approximately $43,479,447.30. This trade represents a 8.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group increased their price objective on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a research report on Tuesday, November 18th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on shares of L3Harris Technologies from $325.00 to $340.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Finally, Morgan Stanley lifted their target price on shares of L3Harris Technologies from $250.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Fourteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $315.73.

L3Harris Technologies Stock Down 0.3%

Shares of L3Harris Technologies stock opened at $354.66 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.95 and a current ratio of 1.14. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $361.59. The company’s 50 day moving average price is $301.06 and its 200-day moving average price is $288.05. The stock has a market capitalization of $66.34 billion, a price-to-earnings ratio of 38.09, a P/E/G ratio of 2.21 and a beta of 0.66.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 30th. The company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.60 by $0.10. L3Harris Technologies had a net margin of 8.09% and a return on equity of 11.08%. The business had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the company posted $3.34 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. Equities research analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is currently 51.56%.

About L3Harris Technologies

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.