Rhumbline Advisers Sells 5,090 Shares of L3Harris Technologies Inc $LHX

Rhumbline Advisers lessened its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 1.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 321,542 shares of the company’s stock after selling 5,090 shares during the period. Rhumbline Advisers’ holdings in L3Harris Technologies were worth $98,202,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock worth $901,000 after acquiring an additional 3,001 shares during the period. Aberdeen Group plc increased its stake in shares of L3Harris Technologies by 29.6% in the 2nd quarter. Aberdeen Group plc now owns 29,787 shares of the company’s stock valued at $7,472,000 after purchasing an additional 6,803 shares in the last quarter. Johnson Investment Counsel Inc. raised its holdings in L3Harris Technologies by 22.9% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 3,621 shares of the company’s stock worth $908,000 after purchasing an additional 674 shares during the period. CWM LLC boosted its position in L3Harris Technologies by 7.7% during the second quarter. CWM LLC now owns 5,846 shares of the company’s stock worth $1,467,000 after purchasing an additional 420 shares in the last quarter. Finally, MGO One Seven LLC grew its holdings in L3Harris Technologies by 97.1% in the second quarter. MGO One Seven LLC now owns 9,780 shares of the company’s stock valued at $2,453,000 after purchasing an additional 4,818 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LHX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Vertical Research reissued a “buy” rating and set a $355.00 price objective on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Finally, UBS Group upped their price objective on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Fifteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

Insider Activity

In other L3Harris Technologies news, insider Samir Mehta sold 4,840 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the transaction, the insider owned 5,916 shares of the company’s stock, valued at $2,004,636.60. This trade represents a 45.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Down 1.4%

Shares of NYSE:LHX opened at $340.35 on Thursday. The company has a market capitalization of $63.66 billion, a price-to-earnings ratio of 39.90, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. The company has a 50 day moving average of $319.17 and a two-hundred day moving average of $295.94. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $369.59. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same period in the prior year, the firm earned $3.47 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s payout ratio is presently 58.62%.

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.