Cambridge Investment Research Advisors Inc. Reduces Holdings in L3Harris Technologies Inc (NYSE:LHX)

Cambridge Investment Research Advisors Inc. reduced its stake in L3Harris Technologies Inc (NYSE:LHX) by 4.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,692 shares of the company’s stock after selling 2,552 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in L3Harris Technologies were worth $10,401,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. LaFleur & Godfrey LLC lifted its stake in shares of L3Harris Technologies by 58.3% during the fourth quarter. LaFleur & Godfrey LLC now owns 26,799 shares of the company’s stock worth $5,635,000 after buying an additional 9,873 shares during the period. Brighton Jones LLC raised its stake in L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock worth $901,000 after acquiring an additional 3,001 shares during the last quarter. Sigma Planning Corp lifted its position in L3Harris Technologies by 2.2% during the 4th quarter. Sigma Planning Corp now owns 2,671 shares of the company’s stock worth $562,000 after acquiring an additional 58 shares during the period. Howard Capital Management Inc. lifted its position in L3Harris Technologies by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 1,234 shares of the company’s stock worth $259,000 after acquiring an additional 63 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new stake in L3Harris Technologies during the 4th quarter valued at about $33,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock opened at $248.20 on Thursday. The firm has a market cap of $46.40 billion, a PE ratio of 29.44, a P/E/G ratio of 1.97 and a beta of 0.74. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $265.74. The company has a quick ratio of 0.85, a current ratio of 1.02 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $233.22 and a 200 day moving average price of $218.86.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, April 24th. The company reported $2.41 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 business had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the business earned $3.06 earnings per share. The business’s revenue was down 1.5% compared to the same quarter last year. Sell-side analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is presently 56.94%.

Analysts Set New Price Targets

LHX has been the subject of several research analyst reports. Wells Fargo & Company reduced their price objective on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Truist Financial reduced their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Citigroup upped their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a report on Monday, June 9th. Jefferies Financial Group cut 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. Finally, The Goldman Sachs Group upgraded shares of L3Harris Technologies from a “sell” rating to a “buy” rating and boosted their target price for the company from $198.00 to $263.00 in a research report on Friday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $258.75.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the transaction, the chief executive officer now directly owns 145,572 shares of the company’s stock, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider now directly owns 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

About L3Harris Technologies

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.