Capital World Investors Sells 220,904 Shares of L3Harris Technologies Inc $LHX

Capital World Investors decreased its stake in L3Harris Technologies Inc (NYSE:LHX) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,315,509 shares of the company’s stock after selling 220,904 shares during the period. Capital World Investors owned 6.05% of L3Harris Technologies worth $3,455,860,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Caitlin John LLC bought a new stake in shares of L3Harris Technologies during the 3rd quarter worth approximately $28,000. GGM Financials LLC acquired a new stake in L3Harris Technologies in the third quarter valued at $32,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of L3Harris Technologies in the 2nd quarter valued at about $34,000. Salomon & Ludwin LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at about $34,000. Finally, Rakuten Securities Inc. grew its holdings in L3Harris Technologies by 234.8% during the second quarter. Rakuten Securities Inc. now owns 154 shares of the company’s stock worth $39,000 after purchasing an additional 108 shares during the period. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Price Performance

LHX stock opened at $370.90 on Tuesday. The company has a 50 day simple moving average of $344.02 and a 200 day simple moving average of $306.71. The stock has a market cap of $69.28 billion, a price-to-earnings ratio of 43.48, a P/E/G ratio of 2.64 and a beta of 0.63. L3Harris Technologies Inc has a 1 year low of $195.72 and a 1 year high of $379.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $3.47 earnings per share. Research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, March 6th. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is currently 58.62%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Samir Mehta sold 5,528 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider directly owned 7,756 shares in the company, valued at approximately $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Melanie Rakita sold 2,378 shares of L3Harris Technologies stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the sale, the vice president directly owned 4,882 shares in the company, valued at $1,666,958.90. The trade was a 32.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,025 shares of company stock valued at $6,824,370 in the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on LHX shares. BNP Paribas Exane upgraded L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. UBS Group lifted their price target on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Royal Bank Of Canada lifted their target price on L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a report on Friday, February 6th. Finally, Truist Financial set a $364.00 price target on L3Harris Technologies in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $328.57.

L3Harris Technologies Company Profile

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.