Wrapmanager Inc. Decreases Stake in L3Harris Technologies Inc $LHX

Wrapmanager Inc. lessened its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 53.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,484 shares of the company’s stock after selling 1,732 shares during the period. Wrapmanager Inc.’s holdings in L3Harris Technologies were worth $453,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. First Horizon Corp acquired a new stake in L3Harris Technologies during the third quarter worth about $10,667,000. Merit Financial Group LLC grew its stake in shares of L3Harris Technologies by 55.9% in the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock valued at $3,051,000 after buying an additional 3,583 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of L3Harris Technologies by 32.6% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock valued at $6,513,000 after buying an additional 5,239 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in L3Harris Technologies by 13.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock worth $9,230,000 after acquiring an additional 3,532 shares during the period. Finally, Crystal Rock Capital Management acquired a new stake in L3Harris Technologies during the third quarter worth $1,993,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

LHX has been the subject of a number of recent analyst reports. Truist Financial set a $364.00 price objective on L3Harris Technologies in a research report on Wednesday, January 14th. Royal Bank Of Canada lifted their price target on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a research report 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. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Finally, Morgan Stanley boosted their target price on L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $328.57.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $354.69 on Tuesday. The company has a fifty day simple moving average of $329.75 and a two-hundred day simple moving average of $300.29. The company has a market cap of $66.25 billion, a price-to-earnings ratio of 41.58, a price-to-earnings-growth ratio of 2.57 and a beta of 0.64. 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 $369.59.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $3.47 earnings per share. As a group, equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal 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 issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.4%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. L3Harris Technologies’s dividend payout ratio is 56.27%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the completion of the transaction, the insider owned 5,916 shares in the company, valued at $2,004,636.60. The trade was a 45.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is owned by corporate insiders.

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.