Asset Dedication LLC Decreases Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Asset Dedication LLC reduced its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 30.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 442 shares of the company’s stock after selling 189 shares during the quarter. Asset Dedication LLC’s holdings in L3Harris Technologies were worth $99,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new position in shares of L3Harris Technologies in the 4th quarter worth $28,000. EntryPoint Capital LLC increased its stake in L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after acquiring an additional 69 shares during the last quarter. Versant Capital Management Inc increased its stake in L3Harris Technologies by 77.7% during the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares during the last quarter. Family Firm Inc. purchased a new stake in L3Harris Technologies during the second quarter valued at approximately $45,000. Finally, Sachetta LLC purchased a new position in shares of L3Harris Technologies in the 4th quarter worth approximately $49,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the transaction, the insider now owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the transaction, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sean J. Stackley sold 3,354 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $216.73, for a total value of $726,912.42. Following the completion of the transaction, the vice president now directly owns 14,186 shares of the company’s stock, valued at $3,074,531.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,110 shares of company stock valued at $8,319,939. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on LHX shares. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and increased their price target for the company from $245.00 to $257.00 in a report on Friday, July 26th. Susquehanna raised their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Barclays lifted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company reduced their price objective on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $250.00 to $240.00 in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $247.08.

L3Harris Technologies Stock Up 0.9 %

Shares of NYSE:LHX opened at $229.27 on Tuesday. The business’s 50 day moving average is $230.75 and its 200 day moving average is $220.81. The stock has a market cap of $43.49 billion, a P/E ratio of 37.22, a price-to-earnings-growth ratio of 1.88 and a beta of 0.73. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $245.60. 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 (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.97 EPS. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.06 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $1.16 dividend. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 2.02%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

About L3Harris Technologies

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.