L3Harris Technologies Inc $LHX Stock Position Decreased by Stack Financial Management Inc

Stack Financial Management Inc cut its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 1.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 142,591 shares of the company’s stock after selling 2,230 shares during the quarter. L3Harris Technologies makes up approximately 3.6% of Stack Financial Management Inc’s holdings, making the stock its 6th biggest position. Stack Financial Management Inc owned about 0.08% of L3Harris Technologies worth $43,549,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Investor s Fiduciary Advisor Network LLC purchased a new stake in shares of L3Harris Technologies in the third quarter worth $207,000. New York State Common Retirement Fund boosted its holdings in L3Harris Technologies by 29.5% in the 3rd quarter. New York State Common Retirement Fund now owns 125,377 shares of the company’s stock worth $38,291,000 after buying an additional 28,539 shares during the period. TD Waterhouse Canada Inc. increased its stake in L3Harris Technologies by 2.7% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,712 shares of the company’s stock worth $515,000 after buying an additional 45 shares in the last quarter. Traynor Capital Management Inc. raised its holdings in L3Harris Technologies by 5.8% during the third quarter. Traynor Capital Management Inc. now owns 41,391 shares of the company’s stock valued at $12,641,000 after acquiring an additional 2,287 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in L3Harris Technologies by 13.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock valued at $9,230,000 after acquiring an additional 3,532 shares during the period. Institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on LHX. Wall Street Zen lowered L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 11th. Citigroup upped their price target on L3Harris Technologies from $331.00 to $389.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Vertical Research reiterated a “buy” rating and set a $355.00 price objective on shares of L3Harris Technologies in a research report on Tuesday, January 13th. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $315.73.

L3Harris Technologies Price Performance

LHX opened at $360.61 on Thursday. The business has a fifty day moving average of $305.40 and a 200 day moving average of $290.35. The stock has a market cap of $67.45 billion, a P/E ratio of 38.73, a PEG ratio of 2.25 and a beta of 0.66. The company has a quick ratio of 0.95, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $362.42.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 30th. The company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.10. The business had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.51 billion. L3Harris Technologies had a return on equity of 11.08% and a net margin of 8.09%.The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $3.34 earnings per share. As a group, sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

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

Insider Buying and Selling

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

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.