L3Harris Technologies, Inc. (NYSE:LHX) Shares Sold by Pitcairn Co.

Pitcairn Co. cut its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 8.4% in the third quarter, Holdings Channel.com reports. The fund owned 1,597 shares of the company’s stock after selling 146 shares during the period. Pitcairn Co.’s holdings in L3Harris Technologies were worth $380,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in LHX. EntryPoint Capital LLC lifted 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 purchasing an additional 69 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in L3Harris Technologies by 2.8% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,074 shares of the company’s stock valued at $1,507,000 after acquiring an additional 193 shares during the period. Comerica Bank grew its position in L3Harris Technologies by 5.1% in the 1st quarter. Comerica Bank now owns 86,019 shares of the company’s stock valued at $18,331,000 after acquiring an additional 4,148 shares in the last quarter. Plato Investment Management Ltd increased its stake in L3Harris Technologies by 1,052.6% during the first quarter. Plato Investment Management Ltd now owns 3,331 shares of the company’s stock worth $710,000 after purchasing an additional 3,042 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of L3Harris Technologies during the first quarter worth about $1,960,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on LHX shares. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a research note on Thursday, October 10th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Tuesday. Citigroup increased their price target on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada boosted their price objective on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.67.

Insider Buying and Selling

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now directly owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 8,964 shares of company stock worth $2,179,119 in the last 90 days. Company insiders own 0.87% of the company’s stock.

L3Harris Technologies Price Performance

Shares of LHX opened at $245.57 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies, Inc. has a 1-year low of $187.37 and a 1-year high of $265.74. The stock has a market cap of $46.58 billion, a PE ratio of 38.79, a price-to-earnings-growth ratio of 2.07 and a beta of 0.72. The firm has a fifty day moving average price of $245.35 and a 200 day moving average price of $233.72.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the business earned $3.19 EPS. As a group, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.89%. L3Harris Technologies’s payout ratio is 73.30%.

L3Harris Technologies 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.