Vestmark Advisory Solutions Inc. Decreases Stock Position in L3Harris Technologies Inc $LHX

Vestmark Advisory Solutions Inc. lessened its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 59.6% in the 3rd quarter, Holdings Channel reports. The firm owned 3,378 shares of the company’s stock after selling 4,978 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in L3Harris Technologies were worth $1,032,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in LHX. Alliance Wealth Advisors LLC UT purchased a new position in L3Harris Technologies during the 3rd quarter valued at approximately $213,000. Intrust Bank NA boosted its position in shares of L3Harris Technologies by 2.4% during the 3rd quarter. Intrust Bank NA now owns 4,153 shares of the company’s stock valued at $1,268,000 after acquiring an additional 96 shares during the last quarter. Personal CFO Solutions LLC increased its position in L3Harris Technologies by 5.2% in the third quarter. Personal CFO Solutions LLC now owns 2,220 shares of the company’s stock worth $678,000 after purchasing an additional 110 shares during the last quarter. Raiffeisen Bank International AG raised its stake in L3Harris Technologies by 1,689.8% during the third quarter. Raiffeisen Bank International AG now owns 3,508 shares of the company’s stock valued at $1,042,000 after purchasing an additional 3,312 shares in the last quarter. Finally, Jupiter Asset Management Ltd. grew its stake in shares of L3Harris Technologies by 12.5% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 13,907 shares of the company’s stock worth $4,247,000 after buying an additional 1,542 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

LHX opened at $341.26 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average of $332.44 and a 200 day moving average of $301.17. L3Harris Technologies Inc has a 52-week low of $195.72 and a 52-week high of $369.59. The stock has a market cap of $63.74 billion, a P/E ratio of 40.01, a PEG ratio of 2.55 and a beta of 0.64.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.76 billion. During the same period in the prior year, the firm earned $3.47 EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $1.25 per share. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a yield of 1.5%. L3Harris Technologies’s dividend payout ratio is presently 56.27%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Samir Mehta sold 4,840 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the transaction, the insider owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. This represents a 45.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on LHX shares. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. JPMorgan Chase & Co. raised their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Vertical Research reissued a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, February 6th. Finally, Wall Street Zen lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Fifteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Profile

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.