L3Harris Technologies Inc $LHX Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 11.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 4,727,961 shares of the company’s stock after selling 631,947 shares during the period. Wellington Management Group LLP’s holdings in L3Harris Technologies were worth $1,443,967,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Caitlin John LLC purchased a new position in shares of L3Harris Technologies in the 3rd quarter valued at about $28,000. GGM Financials LLC purchased a new stake in shares of L3Harris Technologies during the third quarter worth approximately $32,000. Salomon & Ludwin LLC acquired a new stake in L3Harris Technologies in the third quarter valued at approximately $34,000. Twin Peaks Wealth Advisors LLC acquired a new stake in L3Harris Technologies in the second quarter valued at approximately $34,000. Finally, Copia Wealth Management lifted its stake in L3Harris Technologies by 1,842.9% in the third quarter. Copia Wealth Management now owns 136 shares of the company’s stock worth $42,000 after acquiring an additional 129 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the subject of several analyst reports. Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a report on Wednesday, January 14th. Vertical Research reaffirmed a “buy” rating and set a $355.00 price objective on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a report on Friday, February 6th. Finally, Citigroup raised their price target on L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. One equities 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $328.57.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Samir Mehta 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 completion of the sale, the insider directly owned 7,756 shares of the company’s stock, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jon Rambeau sold 5,528 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. This trade represents a 41.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 19,025 shares of company stock worth $6,824,370 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $358.66 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a 52 week low of $195.72 and a 52 week high of $379.23. The firm’s 50 day moving average is $349.12 and its two-hundred day moving average is $308.63. The firm has a market capitalization of $66.99 billion, a P/E ratio of 42.05, a P/E/G ratio of 2.58 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping 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 quarter in the previous year, the firm earned $3.47 EPS. The company’s revenue was up 2.3% compared to the same quarter last year. Research analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a $1.25 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s payout ratio 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.