Tran Capital Management L.P. Cuts Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Tran Capital Management L.P. lessened its position in L3Harris Technologies, Inc. (NYSE:LHX) by 7.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,532 shares of the company’s stock after selling 264 shares during the period. Tran Capital Management L.P.’s holdings in L3Harris Technologies were worth $739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after purchasing an additional 82 shares during the period. Millstone Evans Group LLC purchased a new position in shares of L3Harris Technologies during the 4th quarter worth approximately $26,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of L3Harris Technologies in the 4th quarter valued at approximately $27,000. Roxbury Financial LLC acquired a new stake in shares of L3Harris Technologies in the 4th quarter valued at approximately $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after buying an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on LHX. Citigroup increased their price objective on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a research report on Monday. Jefferies Financial Group dropped their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, March 31st. Wells Fargo & Company reduced their price target on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Truist Financial lowered their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Finally, The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and lifted their price objective for the stock from $198.00 to $263.00 in a research report on Friday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $258.75.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $246.79 on Thursday. The company has a market cap of $46.14 billion, a P/E ratio of 31.36, a P/E/G ratio of 2.42 and a beta of 0.74. The business has a fifty day simple moving average of $225.81 and a 200-day simple moving average of $218.31. 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 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The firm had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the company earned $3.06 EPS. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. Equities research analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be 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 is Tuesday, June 3rd. L3Harris Technologies’s dividend payout ratio (DPR) is 56.94%.

Insiders Place Their Bets

In other news, insider Edward J. Zoiss sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider now directly owns 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.72% of the stock is currently owned by insiders.

L3Harris Technologies Company 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.