Essex Savings Bank Sells 152 Shares of L3Harris Technologies Inc (NYSE:LHX)

Essex Savings Bank reduced its stake in L3Harris Technologies Inc (NYSE:LHX) by 2.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,752 shares of the company’s stock after selling 152 shares during the quarter. Essex Savings Bank’s holdings in L3Harris Technologies were worth $1,204,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its holdings in shares of L3Harris Technologies by 1,015.9% during the 4th quarter. Van ECK Associates Corp now owns 13,224 shares of the company’s stock worth $2,781,000 after buying an additional 12,039 shares during the period. D. E. Shaw & Co. Inc. lifted its position in L3Harris Technologies by 21.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company’s stock worth $1,488,000 after acquiring an additional 1,236 shares during the last quarter. Principal Securities Inc. boosted its holdings in L3Harris Technologies by 6.7% during the fourth quarter. Principal Securities Inc. now owns 882 shares of the company’s stock valued at $185,000 after acquiring an additional 55 shares during the period. LaFleur & Godfrey LLC grew its position in shares of L3Harris Technologies by 58.3% in the fourth quarter. LaFleur & Godfrey LLC now owns 26,799 shares of the company’s stock valued at $5,635,000 after purchasing an additional 9,873 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of L3Harris Technologies in the fourth quarter worth about $25,071,000. Institutional investors own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider now owns 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the sale, the chief executive officer now directly owns 145,572 shares in the company, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LHX. 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. Truist Financial dropped their target price on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company reduced their price target on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Citigroup boosted their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Finally, UBS Group increased their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research note on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $258.75.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $250.82 on Wednesday. The business has a 50 day simple moving average of $229.61 and a 200 day simple moving average of $218.31. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The company has a market capitalization of $46.89 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 1.98 and a beta of 0.74. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data 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. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The company had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the business earned $3.06 earnings per share. The business’s revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Tuesday, June 3rd. This represents a $4.80 annualized dividend and a yield of 1.91%. L3Harris Technologies’s dividend 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.