Wilmington Savings Fund Society FSB Decreases Stock Holdings in L3Harris Technologies Inc $LHX

Wilmington Savings Fund Society FSB reduced its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 44.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,249 shares of the company’s stock after selling 2,596 shares during the period. Wilmington Savings Fund Society FSB’s holdings in L3Harris Technologies were worth $992,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LHX. State Street Corp grew its holdings in L3Harris Technologies by 1.2% in the 2nd quarter. State Street Corp now owns 8,874,482 shares of the company’s stock valued at $2,226,075,000 after buying an additional 105,402 shares in the last quarter. Boston Partners grew its holdings in shares of L3Harris Technologies by 72.1% in the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after purchasing an additional 838,546 shares during the period. Bank of America Corp DE increased its position in L3Harris Technologies by 3.1% during the second quarter. Bank of America Corp DE now owns 1,728,519 shares of the company’s stock worth $433,582,000 after purchasing an additional 52,776 shares during the last quarter. Capital Research Global Investors raised its stake in L3Harris Technologies by 23.3% during the third quarter. Capital Research Global Investors now owns 1,657,085 shares of the company’s stock worth $506,090,000 after purchasing an additional 312,846 shares during the period. Finally, AGF Management Ltd. grew its stake in shares of L3Harris Technologies by 15.9% in the 3rd quarter. AGF Management Ltd. now owns 1,500,887 shares of the company’s stock valued at $458,386,000 after buying an additional 205,479 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insiders Place Their Bets

In other news, insider Samir Mehta sold 5,528 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the sale, the insider directly owned 7,756 shares in the company, valued at approximately $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider owned 7,660 shares of the company’s stock, valued at approximately $2,836,651.20. This trade represents a 41.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 19,025 shares of company stock worth $6,824,370 in the last ninety days. 0.72% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on LHX shares. JPMorgan Chase & Co. upped their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Truist Financial set a $364.00 price target on L3Harris Technologies in a report on Wednesday, January 14th. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a research report on Monday, January 5th. Citigroup boosted their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Trading Down 1.3%

LHX opened at $363.62 on Friday. L3Harris Technologies Inc has a 52 week low of $195.72 and a 52 week high of $379.23. 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 simple moving average of $353.23 and a 200-day simple moving average of $311.12. The firm has a market cap of $67.92 billion, a P/E ratio of 42.63, a P/E/G ratio of 2.66 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.L3Harris Technologies’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.47 EPS. On average, equities analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is currently 58.62%.

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.