Wesbanco Bank Inc. Sells 2,628 Shares of L3Harris Technologies Inc $LHX

Wesbanco Bank Inc. lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 34.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,923 shares of the company’s stock after selling 2,628 shares during the quarter. Wesbanco Bank Inc.’s holdings in L3Harris Technologies were worth $1,504,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of LHX. Bank of New York Mellon Corp lifted its position in L3Harris Technologies by 52.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock valued at $1,032,716,000 after acquiring an additional 1,413,833 shares during the period. AGF Management Ltd. bought a new position in shares of L3Harris Technologies during the second quarter valued at approximately $324,940,000. Boston Partners lifted its holdings in shares of L3Harris Technologies by 72.1% during the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after purchasing an additional 838,546 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in shares of L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after purchasing an additional 766,075 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of L3Harris Technologies by 155.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock worth $155,107,000 after buying an additional 376,499 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $344.93 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. The firm has a market cap of $64.52 billion, a price-to-earnings ratio of 40.44, a price-to-earnings-growth ratio of 2.53 and a beta of 0.64. The business has a 50-day simple moving average of $317.92 and a two-hundred day simple moving average of $295.63. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $369.59.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. The firm had revenue of $5.65 billion during 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 business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $3.47 earnings per share. On average, analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend 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 payout ratio is currently 56.27%.

Wall Street Analyst Weigh In

Several research firms have commented on LHX. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a report on Friday. Vertical Research reaffirmed a “buy” rating and issued a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. Finally, Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Fifteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Samir Mehta sold 4,840 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $338.85, for a total value of $1,640,034.00. Following the transaction, the insider owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. This represents a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 14,171 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 144,426 shares in the company, valued at $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies 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.