Chevy Chase Trust Holdings LLC Has $29.41 Million Stake in L3Harris Technologies Inc $LHX

Chevy Chase Trust Holdings LLC reduced its holdings in L3Harris Technologies Inc (NYSE:LHX) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 96,289 shares of the company’s stock after selling 3,471 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of L3Harris Technologies worth $29,408,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Caitlin John LLC acquired a new position in shares of L3Harris Technologies during the 3rd quarter worth about $28,000. GGM Financials LLC acquired a new stake in shares of L3Harris Technologies in the third quarter valued at about $32,000. Twin Peaks Wealth Advisors LLC bought a new stake in L3Harris Technologies during the second quarter worth about $34,000. Salomon & Ludwin LLC bought a new stake in L3Harris Technologies during the third quarter worth about $34,000. Finally, Rakuten Securities Inc. boosted its position in L3Harris Technologies by 234.8% during the second quarter. Rakuten Securities Inc. now owns 154 shares of the company’s stock valued at $39,000 after purchasing an additional 108 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other L3Harris Technologies news, insider Samir Mehta sold 5,528 shares of L3Harris Technologies stock in a transaction on 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 $2,872,201.92. The trade was a 41.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon Rambeau sold 5,528 shares of the company’s stock in a transaction on 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 sale, the insider owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,025 shares of company stock valued at $6,824,370 over the last 90 days. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Price Performance

NYSE:LHX opened at $358.66 on Monday. L3Harris Technologies Inc has a 52 week low of $195.72 and a 52 week high of $379.23. 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’s 50-day simple moving average is $349.12 and its 200 day simple moving average is $309.07. The firm has a market cap of $66.99 billion, a price-to-earnings ratio of 42.05, a P/E/G ratio of 2.59 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data 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. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the previous year, the firm posted $3.47 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Argus upgraded L3Harris Technologies to a “strong-buy” rating in a research note on Friday, February 27th. Citigroup upped their price objective on L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Royal Bank Of Canada raised their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Vertical Research restated a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a report on Tuesday, January 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of L3Harris Technologies from $340.00 to $395.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. One 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $328.57.

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.