Mill Capital Management LLC Has $12.85 Million Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Mill Capital Management LLC raised its holdings in L3Harris Technologies Inc (NYSE:LHX) by 0.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,394 shares of the company’s stock after buying an additional 206 shares during the quarter. L3Harris Technologies accounts for about 1.0% of Mill Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Mill Capital Management LLC’s holdings in L3Harris Technologies were worth $12,850,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Strategic Investment Advisors MI acquired a new position in L3Harris Technologies in the first quarter worth about $547,000. YHB Investment Advisors Inc. increased its stake in shares of L3Harris Technologies by 4.3% in the first quarter. YHB Investment Advisors Inc. now owns 12,517 shares of the company’s stock valued at $2,620,000 after buying an additional 514 shares in the last quarter. Palisade Asset Management LLC increased its holdings in shares of L3Harris Technologies by 6.1% in the first quarter. Palisade Asset Management LLC now owns 50,754 shares of the company’s stock valued at $10,623,000 after purchasing an additional 2,931 shares in the last quarter. Legacy Advisors LLC boosted its position in L3Harris Technologies by 42.6% in the 1st quarter. Legacy Advisors LLC now owns 1,609 shares of the company’s stock valued at $337,000 after buying an additional 481 shares during the last quarter. Finally, AssuredPartners Investment Advisors LLC raised its position in shares of L3Harris Technologies by 7.7% during the first quarter. AssuredPartners Investment Advisors LLC now owns 16,945 shares of the company’s stock worth $3,547,000 after acquiring an additional 1,216 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

LHX has been the subject of several recent research reports. Truist Financial dropped 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. Wells Fargo & Company reduced their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Citigroup lifted their price objective on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. UBS Group raised their target price on L3Harris Technologies from $222.00 to $226.00 and gave the stock a “neutral” rating in a report on Monday, April 28th. Finally, Jefferies Financial Group cut their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.75.

Insider Transactions at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 33,061 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the transaction, the chief executive officer now directly owns 145,572 shares of the company’s stock, valued at approximately $36,171,730.56. This trade represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $490,000.00. Following the completion of the sale, the insider now owns 25,325 shares of the company’s stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Trading Down 1.7%

LHX stock opened at $246.82 on Wednesday. The stock has a market cap of $46.14 billion, a price-to-earnings ratio of 29.28, a price-to-earnings-growth ratio of 2.00 and a beta of 0.74. The company has a fifty day moving average price of $232.64 and a two-hundred day moving average price of $218.66. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $265.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85.

L3Harris Technologies (NYSE:LHX) last announced its quarterly 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 net margin of 7.55% and a return on equity of 12.38%. The business 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 business earned $3.06 EPS. L3Harris Technologies’s quarterly revenue was down 1.5% on a year-over-year basis. Equities analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.94%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies’s payout ratio is 56.94%.

About L3Harris Technologies

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.