DAVENPORT & Co LLC Trims Stock Holdings in L3Harris Technologies Inc $LHX

DAVENPORT & Co LLC lowered its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 0.5% during the 4th quarter, HoldingsChannel reports. The fund owned 552,976 shares of the company’s stock after selling 2,589 shares during the period. L3Harris Technologies comprises 0.9% of DAVENPORT & Co LLC’s portfolio, making the stock its 26th biggest holding. DAVENPORT & Co LLC’s holdings in L3Harris Technologies were worth $162,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. State Street Corp increased its holdings in L3Harris Technologies by 1.2% during the 2nd quarter. State Street Corp now owns 8,874,482 shares of the company’s stock worth $2,226,075,000 after acquiring an additional 105,402 shares during the period. Boston Partners grew its position in shares of L3Harris Technologies by 72.1% during the 2nd 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 in the last quarter. Bank of America Corp DE grew its position in shares of L3Harris Technologies by 3.1% during the 2nd quarter. Bank of America Corp DE now owns 1,728,519 shares of the company’s stock valued at $433,582,000 after purchasing an additional 52,776 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of L3Harris Technologies by 23.3% in 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. raised its position in shares of L3Harris Technologies by 15.9% in the third quarter. AGF Management Ltd. now owns 1,500,887 shares of the company’s stock worth $458,386,000 after buying an additional 205,479 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock opened at $351.46 on Wednesday. The company’s fifty day simple moving average is $353.87 and its two-hundred day simple moving average is $313.24. L3Harris Technologies Inc has a 12-month low of $195.72 and a 12-month high of $379.23. The firm has a market cap of $65.65 billion, a PE ratio of 41.20, a price-to-earnings-growth ratio of 2.49 and a beta of 0.63. 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 posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (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 return on equity of 10.43% and a net margin of 7.35%.The business’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.47 earnings per share. As a group, equities analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.4%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date was Friday, March 6th. L3Harris Technologies’s dividend payout ratio (DPR) is 58.62%.

Insider Activity

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Melanie Rakita sold 2,378 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $341.45, for a total value of $811,968.10. Following the completion of the sale, the vice president directly owned 4,882 shares in the company, valued at approximately $1,666,958.90. This represents a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 19,025 shares of company stock worth $6,824,370 in the last quarter. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. Royal Bank Of Canada lifted their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a research report on Friday, January 30th. Vertical Research reissued a “buy” rating and issued a $355.00 price target on shares of L3Harris Technologies in a report on Tuesday, January 13th. Finally, Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $328.57.

About L3Harris Technologies

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.