L3Harris Technologies Inc $LHX Position Trimmed by Hudson Bay Capital Management LP

Hudson Bay Capital Management LP trimmed its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 25.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,202 shares of the company’s stock after selling 8,863 shares during the period. Hudson Bay Capital Management LP’s holdings in L3Harris Technologies were worth $8,002,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of LHX. Brighton Jones LLC grew its position in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock valued at $901,000 after buying an additional 3,001 shares during the last quarter. Intech Investment Management LLC raised its stake in L3Harris Technologies by 87.3% during the second quarter. Intech Investment Management LLC now owns 6,496 shares of the company’s stock worth $1,629,000 after acquiring an additional 3,028 shares during the period. Frank Rimerman Advisors LLC lifted its holdings in L3Harris Technologies by 3.4% in the second quarter. Frank Rimerman Advisors LLC now owns 1,327 shares of the company’s stock worth $333,000 after acquiring an additional 44 shares during the last quarter. Wealthspire Advisors LLC boosted its stake in L3Harris Technologies by 6.2% in the second quarter. Wealthspire Advisors LLC now owns 1,310 shares of the company’s stock valued at $329,000 after acquiring an additional 76 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake in L3Harris Technologies by 27.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,667 shares of the company’s stock valued at $420,000 after acquiring an additional 359 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on LHX. Vertical Research reiterated a “buy” rating and set a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Susquehanna restated a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. TD Cowen restated a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Morgan Stanley increased their target price on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Finally, Truist Financial set a $364.00 target price on L3Harris Technologies in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

Insider Transactions at L3Harris Technologies

In related news, VP Melanie Rakita sold 2,378 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the sale, the vice president owned 4,882 shares of the company’s stock, valued at $1,666,958.90. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Samir Mehta sold 5,528 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This represents a 41.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Stock Performance

LHX opened at $353.20 on Friday. The business’s 50 day moving average is $353.58 and its 200-day moving average is $311.64. The stock has a market cap of $65.97 billion, a PE ratio of 41.41, a price-to-earnings-growth ratio of 2.62 and a beta of 0.63. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period in the prior year, the company posted $3.47 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 58.62%.

About L3Harris Technologies

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.