Gabelli Funds LLC Sells 2,175 Shares of L3Harris Technologies Inc $LHX

Gabelli Funds LLC trimmed its stake in L3Harris Technologies Inc (NYSE:LHX) by 2.3% in the third quarter, HoldingsChannel.com reports. The firm owned 93,449 shares of the company’s stock after selling 2,175 shares during the period. Gabelli Funds LLC’s holdings in L3Harris Technologies were worth $28,540,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Caitlin John LLC acquired a new position in shares of L3Harris Technologies in the third quarter worth approximately $28,000. GGM Financials LLC bought a new stake in L3Harris Technologies in the third quarter valued at approximately $32,000. Twin Peaks Wealth Advisors LLC acquired a new stake in L3Harris Technologies during the 2nd quarter valued at approximately $34,000. Salomon & Ludwin LLC bought a new position in L3Harris Technologies during the 3rd quarter worth approximately $34,000. Finally, Rakuten Securities Inc. lifted its position in shares of L3Harris Technologies by 234.8% in the 2nd 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 owned by institutional investors.

Analysts Set New Price Targets

LHX has been the topic of a number of analyst reports. Wall Street Zen lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. JPMorgan Chase & Co. boosted their target price on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Finally, Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

Insider Transactions at L3Harris Technologies

In other news, VP Melanie Rakita sold 2,378 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $341.45, for a total transaction of $811,968.10. Following the transaction, the vice president owned 4,882 shares of the company’s stock, valued at $1,666,958.90. This represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jon Rambeau sold 5,528 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,025 shares of company stock valued at $6,824,370 in the last 90 days. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $365.83 on Friday. The firm has a 50 day moving average of $342.52 and a 200-day moving average of $305.83. The company has a market cap of $68.33 billion, a price-to-earnings ratio of 42.89, a price-to-earnings-growth ratio of 2.64 and a beta of 0.63. 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 Inc has a 52 week low of $195.72 and a 52 week high of $379.23.

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

L3Harris Technologies Increases Dividend

The business also recently disclosed 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 is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 56.27%.

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.