CIBC Private Wealth Group LLC Cuts Position in L3Harris Technologies Inc $LHX

CIBC Private Wealth Group LLC trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 470,662 shares of the company’s stock after selling 6,752 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.25% of L3Harris Technologies worth $143,745,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Caitlin John LLC purchased a new stake in shares of L3Harris Technologies in the 3rd quarter valued at $28,000. JPL Wealth Management LLC purchased a new position in L3Harris Technologies during the 3rd quarter valued at about $29,000. Triumph Capital Management purchased a new position in L3Harris Technologies during the 3rd quarter valued at about $31,000. GGM Financials LLC acquired a new position in L3Harris Technologies in the 3rd quarter valued at about $32,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in L3Harris Technologies during the second quarter worth about $34,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Royal Bank Of Canada increased their price target on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Wall Street Zen cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. TD Cowen reiterated a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Wolfe Research reissued an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Finally, Susquehanna restated a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $328.57.

Insiders Place Their Bets

In related news, insider Samir Mehta sold 5,528 shares of the company’s 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 sale, the insider directly owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This represents a 41.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Melanie Rakita sold 2,378 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $341.45, for a total value of $811,968.10. Following the transaction, the vice president owned 4,882 shares in the company, valued at $1,666,958.90. This represents a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by insiders.

L3Harris Technologies Stock Up 0.7%

Shares of NYSE:LHX opened at $368.84 on Wednesday. The company has a market capitalization of $68.89 billion, a PE ratio of 43.24, a P/E/G ratio of 2.64 and a beta of 0.63. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23. The firm has a 50 day simple moving average of $351.30 and a 200-day simple moving average of $310.34.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. The business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.47 EPS. On average, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal 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 paid a $1.25 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s payout ratio is currently 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.