Manning & Napier Advisors LLC Lowers Stake in L3Harris Technologies Inc (NYSE:LHX)

Manning & Napier Advisors LLC reduced its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 4.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 613,964 shares of the company’s stock after selling 28,444 shares during the quarter. L3Harris Technologies makes up approximately 1.6% of Manning & Napier Advisors LLC’s investment portfolio, making the stock its 18th largest position. Manning & Napier Advisors LLC owned approximately 0.33% of L3Harris Technologies worth $128,509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Center for Financial Planning Inc. boosted its stake in shares of L3Harris Technologies by 9.9% during the first quarter. Center for Financial Planning Inc. now owns 1,723 shares of the company’s stock valued at $361,000 after purchasing an additional 155 shares during the period. Childress Capital Advisors LLC bought a new stake in shares of L3Harris Technologies in the first quarter valued at about $256,000. Aspire Private Capital LLC raised its holdings in shares of L3Harris Technologies by 299.0% in the first quarter. Aspire Private Capital LLC now owns 4,808 shares of the company’s stock valued at $1,006,000 after acquiring an additional 3,603 shares in the last quarter. Stonegate Investment Group LLC raised its holdings in shares of L3Harris Technologies by 12.5% in the first quarter. Stonegate Investment Group LLC now owns 3,753 shares of the company’s stock valued at $786,000 after acquiring an additional 416 shares in the last quarter. Finally, Advisor Resource Council bought a new stake in shares of L3Harris Technologies in the first quarter valued at about $266,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $249.56 on Friday. The business’s 50 day moving average price is $231.54 and its 200 day moving average price is $218.48. The firm has a market cap of $46.66 billion, a P/E ratio of 29.60, a P/E/G ratio of 1.99 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 quick ratio of 0.85, a current ratio of 1.02 and a debt-to-equity ratio of 0.57.

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

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were issued a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $4.80 annualized dividend and a dividend yield of 1.92%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 56.94%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

LHX has been the subject of several recent research reports. Truist Financial decreased their price objective on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating for the company in a report on Friday, April 25th. UBS Group lifted their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a report on Monday, April 28th. 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. Jefferies Financial Group decreased their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, Citigroup boosted their target price on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $258.75.

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.