Wedbush Securities Inc. Sells 358 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Wedbush Securities Inc. cut its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 10.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,029 shares of the company’s stock after selling 358 shares during the period. Wedbush Securities Inc.’s holdings in L3Harris Technologies were worth $680,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stifel Financial Corp increased its position in shares of L3Harris Technologies by 3.9% during the fourth quarter. Stifel Financial Corp now owns 175,895 shares of the company’s stock valued at $37,057,000 after buying an additional 6,675 shares during the period. Scout Investments Inc. grew its holdings in shares of L3Harris Technologies by 59.4% during the fourth quarter. Scout Investments Inc. now owns 36,025 shares of the company’s stock worth $7,588,000 after purchasing an additional 13,423 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of L3Harris Technologies by 34.7% during the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after purchasing an additional 1,138,549 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of L3Harris Technologies by 17.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock worth $9,845,000 after purchasing an additional 6,634 shares in the last quarter. Finally, Edgestream Partners L.P. grew its holdings in shares of L3Harris Technologies by 151.6% during the first quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock worth $822,000 after purchasing an additional 2,325 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Price Performance

LHX opened at $227.01 on Thursday. L3Harris Technologies, Inc. has a 12-month low of $160.25 and a 12-month high of $245.60. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. The business’s fifty day simple moving average is $230.89 and its 200-day simple moving average is $220.95. The company has a market capitalization of $43.06 billion, a price-to-earnings ratio of 36.85, a PEG ratio of 1.88 and a beta of 0.73.

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. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The business’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Friday, September 6th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 75.32%.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the sale, 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 the SEC website. In related news, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $11,189,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ross Niebergall sold 2,988 shares of the company’s 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 sale, the insider now owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The disclosure for this sale can be found here. Insiders sold 36,110 shares of company stock worth $8,319,939 in the last three months. 0.82% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on LHX shares. Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $250.00 to $240.00 in a research note on Wednesday, August 14th. Susquehanna upped their target price on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Wells Fargo & Company cut their target price on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Morgan Stanley lowered 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. Finally, Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and upped their target price for the stock from $245.00 to $257.00 in a research note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $247.08.

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.