State of Michigan Retirement System Lowers Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

State of Michigan Retirement System trimmed its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 0.5% during the second quarter, Holdings Channel.com reports. The fund owned 56,830 shares of the company’s stock after selling 300 shares during the period. State of Michigan Retirement System’s holdings in L3Harris Technologies were worth $12,763,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in LHX. RFG Advisory LLC lifted its holdings in L3Harris Technologies by 3.1% during the 2nd quarter. RFG Advisory LLC now owns 1,416 shares of the company’s stock worth $318,000 after buying an additional 43 shares during the last quarter. Optas LLC increased its stake in L3Harris Technologies by 3.3% in the second quarter. Optas LLC now owns 1,381 shares of the company’s stock valued at $310,000 after purchasing an additional 44 shares during the last quarter. Oak Harbor Wealth Partners LLC lifted its position in L3Harris Technologies by 1.7% in the first quarter. Oak Harbor Wealth Partners LLC now owns 2,985 shares of the company’s stock valued at $636,000 after acquiring an additional 49 shares during the last quarter. Whitener Capital Management Inc. grew its stake in L3Harris Technologies by 3.0% during the 2nd quarter. Whitener Capital Management Inc. now owns 1,715 shares of the company’s stock worth $385,000 after buying an additional 50 shares during the last quarter. Finally, JFS Wealth Advisors LLC lifted its stake in L3Harris Technologies by 12.2% in the fourth quarter. JFS Wealth Advisors LLC now owns 488 shares of the company’s stock valued at $103,000 after buying an additional 53 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analyst Ratings Changes

LHX has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Barclays boosted their target price on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $250.00 to $240.00 in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and lifted their price objective for the company from $245.00 to $257.00 in a report on Friday, July 26th. Finally, Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $244.43.

L3Harris Technologies Trading Down 0.7 %

LHX opened at $228.95 on Tuesday. The firm has a market capitalization of $43.43 billion, a P/E ratio of 37.17, a P/E/G ratio of 1.90 and a beta of 0.72. The firm’s 50 day moving average is $228.91 and its 200-day moving average is $219.29. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $245.60.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. During the same quarter in the previous year, the business posted $2.97 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. Analysts expect that L3Harris Technologies, Inc. will post 13.04 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a dividend of $1.16 per share. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 2.03%. L3Harris Technologies’s payout ratio is 75.32%.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 26,190 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the transaction, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Christopher E. Kubasik sold 26,190 shares of L3Harris Technologies stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total value of $5,911,083.00. Following the sale, the chief executive officer now directly owns 120,326 shares in the company, valued at approximately $27,157,578.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 25,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $222.45, for a total value of $5,561,250.00. Following the completion of the transaction, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $26,766,518.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,312 shares of company stock valued at $19,085,072. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.