Sanibel Captiva Trust Company Inc. Lowers Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Sanibel Captiva Trust Company Inc. cut its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 14.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,520 shares of the company’s stock after selling 262 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in L3Harris Technologies were worth $318,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of LHX. Meeder Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 234.3% during 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 during the period. Millstone Evans Group LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth $26,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth $27,000. Roxbury Financial LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock worth $30,000 after purchasing an additional 111 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider now owns 25,325 shares of the company’s stock, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on LHX. Citigroup increased their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a report on Monday. Truist Financial decreased their price target on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a report on Friday, April 25th. Wells Fargo & Company decreased their price target on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group reduced their target price on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, The Goldman Sachs Group raised L3Harris Technologies from a “sell” rating to a “buy” rating and raised their target price for the company from $198.00 to $263.00 in a report on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $258.75.

L3Harris Technologies Trading Up 0.8%

Shares of LHX stock opened at $246.79 on Thursday. L3Harris Technologies, Inc. has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The stock has a market cap of $46.14 billion, a P/E ratio of 31.36, a P/E/G ratio of 2.42 and a beta of 0.74. The business has a fifty day simple moving average of $225.81 and a 200-day simple moving average of $218.31. 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 (NYSE:LHX) last announced its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The business had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the business posted $3.06 earnings per share. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. On average, analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is currently 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.