Insider Selling: L3Harris Technologies (NYSE:LHX) Insider Sells 4,840 Shares of Stock

L3Harris Technologies Inc (NYSE:LHX) insider Samir Mehta sold 4,840 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the sale, the insider directly owned 5,916 shares in the company, valued at $2,004,636.60. This trade represents a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

L3Harris Technologies Stock Performance

LHX traded up $7.40 during midday trading on Friday, hitting $349.62. 975,801 shares of the company traded hands, compared to its average volume of 1,813,594. The company’s 50-day moving average is $313.50 and its 200 day moving average is $293.56. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $65.40 billion, a PE ratio of 40.99, a price-to-earnings-growth ratio of 2.44 and a beta of 0.64. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $369.59.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates 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 business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $3.47 earnings per share. On average, research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Advisory Alpha LLC lifted its position in L3Harris Technologies by 11.4% during the fourth quarter. Advisory Alpha LLC now owns 1,112 shares of the company’s stock valued at $327,000 after purchasing an additional 114 shares during the last quarter. Evoke Wealth LLC raised its position in shares of L3Harris Technologies by 2.8% during the 4th quarter. Evoke Wealth LLC now owns 1,453 shares of the company’s stock valued at $427,000 after buying an additional 40 shares in the last quarter. Keudell Morrison Wealth Management bought a new position in shares of L3Harris Technologies in the 4th quarter valued at about $1,350,000. Axxcess Wealth Management LLC grew its position in L3Harris Technologies by 146.6% in the fourth quarter. Axxcess Wealth Management LLC now owns 25,254 shares of the company’s stock worth $7,413,000 after acquiring an additional 15,015 shares in the last quarter. Finally, Diamant Asset Management Inc. bought a new stake in L3Harris Technologies during the fourth quarter worth approximately $304,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on LHX shares. UBS Group upped their price objective on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Wall Street Zen lowered shares of L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 11th. Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research report on Friday. Weiss Ratings raised L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Finally, BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a research report on Tuesday, November 18th. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and an average 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.