Kingswood Wealth Advisors LLC Decreases Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Kingswood Wealth Advisors LLC lessened its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 4.4% in the first quarter, Holdings Channel.com reports. The firm owned 7,244 shares of the company’s stock after selling 334 shares during the period. Kingswood Wealth Advisors LLC’s holdings in L3Harris Technologies were worth $1,516,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Belpointe Asset Management LLC lifted its position in shares of L3Harris Technologies by 0.7% in the 4th quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company’s stock worth $1,476,000 after purchasing an additional 52 shares during the period. CWC Advisors LLC. raised its stake in L3Harris Technologies by 2.1% in the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company’s stock worth $546,000 after buying an additional 53 shares in the last quarter. Zullo Investment Group Inc. raised its stake in L3Harris Technologies by 3.2% in the fourth quarter. Zullo Investment Group Inc. now owns 1,717 shares of the company’s stock worth $361,000 after buying an additional 54 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in L3Harris Technologies by 0.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,908 shares of the company’s stock worth $1,873,000 after buying an additional 54 shares during the period. Finally, Principal Securities Inc. boosted its position in L3Harris Technologies by 6.7% during the 4th quarter. Principal Securities Inc. now owns 882 shares of the company’s stock valued at $185,000 after acquiring an additional 55 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LHX. Truist Financial decreased their target price on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Wells Fargo & Company decreased their price objective on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. UBS Group raised their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research report on Monday, April 28th. Jefferies Financial Group reduced their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Finally, Citigroup increased their price target on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.75.

L3Harris Technologies Stock Down 0.8%

Shares of L3Harris Technologies stock opened at $248.78 on Friday. The company has a 50-day simple moving average of $230.98 and a two-hundred day simple moving average of $218.57. The stock has a market capitalization of $46.51 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.98 and a beta of 0.74. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $265.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the firm earned $3.06 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio is currently 56.94%.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the sale, the chief executive officer now directly owns 145,572 shares in the company, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider now directly owns 25,325 shares of the company’s stock, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

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.