L3Harris Technologies Inc $LHX Shares Sold by Hudson Bay Capital Management LP

Hudson Bay Capital Management LP decreased its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 25.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,202 shares of the company’s stock after selling 8,863 shares during the period. Hudson Bay Capital Management LP’s holdings in L3Harris Technologies were worth $8,002,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in LHX. Allworth Financial LP boosted its stake in L3Harris Technologies by 6.3% during the 3rd quarter. Allworth Financial LP now owns 4,011 shares of the company’s stock valued at $1,225,000 after purchasing an additional 239 shares in the last quarter. IFP Advisors Inc raised its stake in shares of L3Harris Technologies by 6.3% in the 3rd quarter. IFP Advisors Inc now owns 3,864 shares of the company’s stock worth $1,264,000 after buying an additional 229 shares in the last quarter. Lantern Wealth Advisors LLC lifted its holdings in shares of L3Harris Technologies by 0.8% in the third quarter. Lantern Wealth Advisors LLC now owns 4,699 shares of the company’s stock valued at $1,435,000 after buying an additional 38 shares during the period. CIBC Bancorp USA Inc. bought a new position in L3Harris Technologies during the third quarter valued at about $7,882,000. Finally, Oarsman Capital Inc. bought a new position in L3Harris Technologies during the third quarter valued at about $241,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on LHX. Morgan Stanley boosted their price target on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. raised their price objective on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Finally, Argus upgraded shares of L3Harris Technologies to a “strong-buy” rating in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $328.57.

L3Harris Technologies Stock Down 2.9%

LHX stock opened at $353.20 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market cap of $65.97 billion, a PE ratio of 41.41, a PEG ratio of 2.62 and a beta of 0.63. The company has a fifty day simple moving average of $353.58 and a 200 day simple moving average of $311.64. L3Harris Technologies Inc has a 1 year low of $195.72 and a 1 year 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 for the quarter, topping 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 analyst estimates of $5.76 billion. During the same quarter in the previous year, the business earned $3.47 EPS. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, March 6th. This is an increase 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%. L3Harris Technologies’s payout ratio is presently 58.62%.

Insider Activity

In other news, VP Melanie Rakita sold 751 shares of the company’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 $278,110.32. Following the sale, the vice president owned 4,131 shares of the company’s stock, valued at approximately $1,529,791.92. This represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider directly owned 7,660 shares of the company’s stock, valued at $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. In the last ninety days, insiders have sold 19,025 shares of company stock worth $6,824,370. Company insiders own 0.72% of the company’s stock.

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.