Envestnet Asset Management Inc. Sells 35,775 Shares of L3Harris Technologies Inc $LHX

Envestnet Asset Management Inc. reduced its holdings in L3Harris Technologies Inc (NYSE:LHX) by 2.6% during the third quarter, Holdings Channel.com reports. The fund owned 1,338,467 shares of the company’s stock after selling 35,775 shares during the quarter. Envestnet Asset Management Inc.’s holdings in L3Harris Technologies were worth $408,773,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of LHX. Kiker Wealth Management LLC increased its position in shares of L3Harris Technologies by 137.0% in the second quarter. Kiker Wealth Management LLC now owns 109 shares of the company’s stock worth $27,000 after purchasing an additional 63 shares during the last quarter. Harbor Asset Planning Inc. bought a new position in shares of L3Harris Technologies in the 2nd quarter worth $32,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of L3Harris Technologies during the 2nd quarter valued at $34,000. Salomon & Ludwin LLC bought a new stake in shares of L3Harris Technologies during the 3rd quarter worth $34,000. Finally, Rakuten Securities Inc. grew its position in L3Harris Technologies by 234.8% in the second quarter. Rakuten Securities Inc. now owns 154 shares of the company’s stock worth $39,000 after acquiring an additional 108 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Down 3.5%

Shares of NYSE LHX opened at $339.43 on Thursday. The firm’s fifty day moving average is $312.18 and its 200 day moving average is $293.22. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $369.59. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The company has a market cap of $63.49 billion, a price-to-earnings ratio of 39.79, a PEG ratio of 2.53 and a beta of 0.64.

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

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, March 6th. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 1.5%. L3Harris Technologies’s payout ratio is 56.27%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on LHX shares. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Wall Street Zen downgraded shares of L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 11th. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Finally, Truist Financial set a $364.00 target price on shares of L3Harris Technologies in a research report on Wednesday, January 14th. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average price target of $322.57.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 14,171 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total transaction of $4,266,179.55. Following the completion of the transaction, the chief executive officer owned 144,426 shares of the company’s stock, valued at $43,479,447.30. This represents a 8.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by corporate insiders.

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.