L3Harris Technologies, Inc. (NYSE:LHX) Stake Cut by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 20.9% in the first quarter, HoldingsChannel reports. The fund owned 17,650 shares of the company’s stock after selling 4,662 shares during the quarter. Wedge Capital Management L L P NC’s holdings in L3Harris Technologies were worth $3,694,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Meeder Asset Management Inc. lifted its position in shares of L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock worth $25,000 after purchasing an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in L3Harris Technologies in the 4th quarter worth approximately $26,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of L3Harris Technologies during the 4th quarter valued at $27,000. Roxbury Financial LLC purchased a new position in shares of L3Harris Technologies during the 4th quarter valued at $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after acquiring an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider now owns 25,325 shares of the company’s stock, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group cut their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, March 31st. UBS Group raised their price target on L3Harris Technologies from $222.00 to $226.00 and gave the stock a “neutral” rating in a research note on Monday, April 28th. Truist Financial lowered their price target on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a research note on Friday, April 25th. Citigroup increased their price objective on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a report on Monday. Finally, The Goldman Sachs Group upgraded shares of L3Harris Technologies from a “sell” rating to a “buy” rating and lifted their target price for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $258.75.

L3Harris Technologies Trading Up 0.6%

NYSE:LHX opened at $245.67 on Tuesday. The company’s 50 day moving average is $224.21 and its 200-day moving average is $217.92. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. L3Harris Technologies, Inc. has a 12 month low of $193.09 and a 12 month high of $265.74. The firm has a market cap of $45.93 billion, a price-to-earnings ratio of 31.22, a P/E/G ratio of 2.42 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. L3Harris Technologies’s revenue was down 1.5% compared to the same quarter last year. During the same period last year, the business posted $3.06 EPS. Equities analysts anticipate that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.95%. L3Harris Technologies’s payout ratio is presently 56.94%.

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.