Ensign Peak Advisors Inc Sells 13,305 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Ensign Peak Advisors Inc cut its position in L3Harris Technologies, Inc. (NYSE:LHX) by 34.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 24,991 shares of the company’s stock after selling 13,305 shares during the period. Ensign Peak Advisors Inc’s holdings in L3Harris Technologies were worth $5,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its stake in L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after purchasing an additional 82 shares during the period. Millstone Evans Group LLC bought a new stake in L3Harris Technologies in the 4th quarter valued at $26,000. Bradley & Co. Private Wealth Management LLC bought a new stake in L3Harris Technologies in the 4th quarter valued at $27,000. Roxbury Financial LLC bought a new stake in L3Harris Technologies in the 4th quarter valued at $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in L3Harris Technologies by 336.4% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after purchasing an additional 111 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on LHX. Truist Financial cut their target price on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Jefferies Financial Group decreased their price target on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, March 31st. UBS Group upped their target price on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research report on Monday, April 28th. JPMorgan Chase & Co. lowered their price objective on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Finally, Morgan Stanley reduced their price objective on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average price target of $256.56.

Insider Activity

In related news, insider Jon Rambeau sold 3,178 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the sale, the insider now owns 2,797 shares in the company, valued at $632,122. The trade was a 53.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 1,783 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total value of $377,068.84. Following the completion of the sale, the insider now owns 30,620 shares of the company’s stock, valued at $6,475,517.60. The trade was a 5.50% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX opened at $218.44 on Wednesday. The stock’s 50-day simple moving average is $214.18 and its 200 day simple moving average is $219.78. The stock has a market capitalization of $40.84 billion, a price-to-earnings ratio of 27.76, a price-to-earnings-growth ratio of 2.42 and a beta of 0.72. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74.

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, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.29 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.06 EPS. Research analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a dividend of $1.20 per share. The ex-dividend date is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.20%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 56.94%.

L3Harris Technologies Company 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.