First Trust Advisors LP Sells 55,261 Shares of L3Harris Technologies Inc $LHX

First Trust Advisors LP trimmed its position in L3Harris Technologies Inc (NYSE:LHX) by 20.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 221,406 shares of the company’s stock after selling 55,261 shares during the period. First Trust Advisors LP’s holdings in L3Harris Technologies were worth $67,620,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in L3Harris Technologies by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company’s stock worth $5,811,973,000 after purchasing an additional 121,619 shares in the last quarter. State Street Corp boosted its stake in shares of L3Harris Technologies by 1.2% during the second quarter. State Street Corp now owns 8,874,482 shares of the company’s stock valued at $2,226,075,000 after purchasing an additional 105,402 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of L3Harris Technologies by 0.8% during the second quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company’s stock worth $1,236,410,000 after purchasing an additional 38,820 shares during the last quarter. Boston Partners grew 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 worth $504,160,000 after purchasing an additional 838,546 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of L3Harris Technologies by 3.1% in the second quarter. Bank of America Corp DE now owns 1,728,519 shares of the company’s stock valued at $433,582,000 after buying an additional 52,776 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Buying and Selling

In other L3Harris Technologies news, VP Melanie Rakita sold 2,378 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $341.45, for a total transaction of $811,968.10. Following the completion of the sale, the vice president directly owned 4,882 shares in the company, valued at approximately $1,666,958.90. This trade represents a 32.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Samir Mehta sold 5,528 shares of L3Harris Technologies 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 of the company’s stock, valued at approximately $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,025 shares of company stock valued at $6,824,370 over the last quarter. Insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a report on Friday, January 30th. Morgan Stanley upped their price target on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a research note on Wednesday, January 14th. Finally, BNP Paribas Exane began coverage on L3Harris Technologies in a report on Tuesday, November 18th. They issued a “neutral” rating and a $290.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $361.51 on Wednesday. The stock has a market capitalization of $67.52 billion, a PE ratio of 42.38, a PEG ratio of 2.68 and a beta of 0.63. The business’s 50 day simple moving average is $345.35 and its 200 day simple moving average is $307.31. 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 Inc has a one year low of $195.72 and a one year high of $379.23.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $3.47 EPS. As a group, research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $1.25 per share. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. L3Harris Technologies’s payout ratio is 58.62%.

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.