L3Harris Technologies Inc $LHX Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in L3Harris Technologies Inc (NYSE:LHX) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 213,368 shares of the company’s stock after selling 5,802 shares during the quarter. Principal Financial Group Inc.’s holdings in L3Harris Technologies were worth $65,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LHX. Brighton Jones LLC grew its stake in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock valued at $901,000 after purchasing an additional 3,001 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of L3Harris Technologies in the second quarter worth $162,000. QRG Capital Management Inc. increased its stake in shares of L3Harris Technologies by 21.1% in the second quarter. QRG Capital Management Inc. now owns 3,199 shares of the company’s stock worth $803,000 after buying an additional 558 shares during the last quarter. Wealthcare Advisory Partners LLC raised its stake in shares of L3Harris Technologies by 10.1% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,434 shares of the company’s stock valued at $360,000 after purchasing an additional 131 shares in the last quarter. Finally, OLD National Bancorp IN grew its stake in L3Harris Technologies by 64.9% in the second quarter. OLD National Bancorp IN now owns 2,663 shares of the company’s stock worth $668,000 after purchasing an additional 1,048 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

LHX has been the topic of several research reports. UBS Group upped their price objective on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a report on Monday, January 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Finally, Citigroup boosted their price objective on L3Harris Technologies from $331.00 to $389.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus target price of $322.57.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $351.45 on Wednesday. The stock has a market cap of $65.74 billion, a P/E ratio of 41.20, a P/E/G ratio of 2.19 and a beta of 0.64. The firm’s 50-day simple moving average is $310.91 and its 200 day simple moving average is $292.90. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $369.59. 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 (NYSE:LHX) last released its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.76 by $0.10. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. L3Harris Technologies’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $3.47 EPS. Equities analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders 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 is Friday, March 6th. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. L3Harris Technologies’s payout ratio is 56.27%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 14,171 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the completion of the sale, the chief executive officer owned 144,426 shares in the company, valued at $43,479,447.30. This represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.72% of the company’s stock.

L3Harris Technologies Company 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.