Spectrum Asset Management Inc. NB CA Reduces Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Spectrum Asset Management Inc. NB CA lessened its position in L3Harris Technologies, Inc. (NYSE:LHX) by 1.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,712 shares of the company’s stock after selling 155 shares during the period. Spectrum Asset Management Inc. NB CA’s holdings in L3Harris Technologies were worth $3,289,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in L3Harris Technologies by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock worth $4,895,534,000 after buying an additional 401,168 shares during the period. Geode Capital Management LLC boosted its stake in shares of L3Harris Technologies by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company’s stock valued at $1,004,418,000 after purchasing an additional 53,787 shares in the last quarter. FMR LLC lifted its holdings in L3Harris Technologies by 11.5% in the fourth quarter. FMR LLC now owns 2,261,999 shares of the company’s stock worth $475,653,000 after buying an additional 233,968 shares during the period. Invesco Ltd. raised its position in shares of L3Harris Technologies by 30.5% in the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock worth $469,992,000 after acquiring an additional 522,861 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of L3Harris Technologies during the fourth quarter valued at approximately $398,507,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Activity

In related news, insider Edward J. Zoiss sold 2,000 shares of the business’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 transaction, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on LHX. UBS Group boosted their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a report on Monday, April 28th. Jefferies Financial Group dropped their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Wells Fargo & Company decreased their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. 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 report on Friday, April 11th. Finally, Citigroup upped their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $258.75.

L3Harris Technologies Stock Performance

LHX opened at $246.79 on Thursday. The company’s 50 day moving average is $225.81 and its 200 day moving average is $218.31. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The company has a market cap of $46.14 billion, a price-to-earnings ratio of 31.36, a PEG ratio of 2.42 and a beta of 0.74. L3Harris Technologies, Inc. has a 12-month low of $193.09 and a 12-month high of $265.74.

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

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, June 3rd. L3Harris Technologies’s payout ratio is 56.94%.

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.