Portfolio Design Labs LLC Sells 8,116 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Portfolio Design Labs LLC lowered its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 58.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,862 shares of the company’s stock after selling 8,116 shares during the quarter. Portfolio Design Labs LLC’s holdings in L3Harris Technologies were worth $1,394,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LHX. Meeder Asset Management Inc. raised its holdings in L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp raised its stake in shares of L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after acquiring an additional 43 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of 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 during the period. Kennebec Savings Bank bought a new stake in shares of L3Harris Technologies in the third quarter worth about $36,000. Finally, Versant Capital Management Inc grew its stake in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the transaction, the insider now owns 13,328 shares in the company, 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 SEC, which is accessible through this link. In the last ninety days, insiders have sold 8,964 shares of company stock valued at $2,179,119. 0.87% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on LHX. Deutsche Bank Aktiengesellschaft dropped their price objective on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company raised their price target on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Royal Bank of Canada lifted their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Barclays upped their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $243.55 on Wednesday. The company has a 50 day simple moving average of $243.77 and a two-hundred day simple moving average of $232.74. L3Harris Technologies, Inc. has a fifty-two week low of $184.34 and a fifty-two week high of $265.74. The company has a market capitalization of $46.19 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 2.06 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

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

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date is Monday, November 18th. 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.