First Trust Advisors LP Sells 55,261 Shares of L3Harris Technologies Inc $LHX

First Trust Advisors LP reduced its stake in L3Harris Technologies Inc (NYSE:LHX) by 20.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 221,406 shares of the company’s stock after selling 55,261 shares during the period. First Trust Advisors LP owned 0.12% of L3Harris Technologies worth $67,620,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Victory Capital Management Inc. grew its stake in shares of L3Harris Technologies by 1,053.9% in the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock valued at $360,964,000 after acquiring an additional 1,079,474 shares in the last quarter. Boston Partners increased its position in L3Harris Technologies by 72.1% during the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after acquiring an additional 838,546 shares during the period. Balyasny Asset Management L.P. raised its stake in L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after purchasing an additional 766,075 shares in the last quarter. Artisan Partners Limited Partnership bought a new stake in L3Harris Technologies in the 3rd quarter valued at about $211,703,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in L3Harris Technologies by 155.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 618,350 shares of the company’s stock valued at $155,107,000 after purchasing an additional 376,499 shares during the period. 84.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LHX. Royal Bank Of Canada raised their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. BNP Paribas Exane initiated coverage on L3Harris Technologies in a research note on Tuesday, November 18th. They issued a “neutral” rating and a $290.00 price target for the company. Wolfe Research reissued an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Finally, Truist Financial set a $364.00 target price on L3Harris Technologies in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $328.57.

L3Harris Technologies Stock Performance

NYSE LHX opened at $361.51 on Wednesday. The firm’s 50 day simple moving average is $345.35 and its 200 day simple moving average is $307.31. The firm has a market capitalization of $67.52 billion, a price-to-earnings ratio of 42.38, a P/E/G ratio of 2.68 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 1 year low of $195.72 and a 1 year high of $379.23.

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

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. L3Harris Technologies’s payout ratio is presently 58.62%.

Insider Buying and Selling

In related news, insider Samir Mehta sold 5,528 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the sale, the insider directly owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jon Rambeau sold 5,528 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the transaction, the insider directly owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 19,025 shares of company stock worth $6,824,370 in the last ninety days. 0.72% of the stock is owned by insiders.

L3Harris Technologies Profile

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.