Optimal Asset Management Inc. cut its position in L3Harris Technologies, Inc. (NYSE:LHX) by 56.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,442 shares of the company’s stock after selling 4,400 shares during the period. Optimal Asset Management Inc.’s holdings in L3Harris Technologies were worth $698,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of LHX. Mattern Capital Management LLC grew its stake in shares of L3Harris Technologies by 2.2% in the 4th quarter. Mattern Capital Management LLC now owns 28,466 shares of the company’s stock valued at $5,381,000 after buying an additional 611 shares during the period. Jefferies Group LLC bought a new position in L3Harris Technologies in the 4th quarter valued at about $564,000. Amundi Pioneer Asset Management Inc. lifted its position in L3Harris Technologies by 14.3% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 267,469 shares of the company’s stock valued at $50,556,000 after acquiring an additional 33,546 shares in the last quarter. First National Bank of South Miami lifted its position in L3Harris Technologies by 51.6% in the 4th quarter. First National Bank of South Miami now owns 511 shares of the company’s stock valued at $97,000 after acquiring an additional 174 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its position in L3Harris Technologies by 8.8% in the 4th quarter. Guggenheim Capital LLC now owns 86,255 shares of the company’s stock valued at $16,305,000 after acquiring an additional 6,948 shares in the last quarter. Institutional investors own 79.87% of the company’s stock.
In related news, CEO William M. Brown sold 119,303 shares of the business’s stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $219.33, for a total transaction of $26,166,726.99. Following the transaction, the chief executive officer now owns 426,112 shares in the company, valued at $93,459,144.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William M. Brown sold 30,353 shares of the company’s stock in a transaction dated Wednesday, June 9th. The stock was sold at an average price of $217.94, for a total transaction of $6,615,132.82. Following the completion of the sale, the chief executive officer now owns 426,112 shares in the company, valued at approximately $92,866,849.28. The disclosure for this sale can be found here. Insiders sold 266,281 shares of company stock valued at $58,623,228 over the last three months. 1.40% of the stock is currently owned by insiders.
L3Harris Technologies (NYSE:LHX) last announced its earnings results on Friday, April 30th. The company reported $3.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.26. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.01%. The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same period in the previous year, the business earned $2.80 earnings per share. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. Research analysts forecast that L3Harris Technologies, Inc. will post 12.99 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st were paid a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 1.80%. The ex-dividend date was Friday, May 28th. L3Harris Technologies’s dividend payout ratio is presently 35.17%.
Several equities analysts have commented on the stock. Credit Suisse Group lifted their target price on shares of L3Harris Technologies from $200.00 to $223.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 13th. Morgan Stanley reissued a “buy” rating on shares of L3Harris Technologies in a research report on Friday, May 14th. Wells Fargo & Company started coverage on shares of L3Harris Technologies in a report on Tuesday, May 18th. They issued an “equal weight” rating and a $225.00 price target on the stock. Benchmark reaffirmed a “hold” rating on shares of L3Harris Technologies in a report on Monday, May 3rd. Finally, Jefferies Financial Group lifted their price target on shares of L3Harris Technologies from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, May 3rd. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $226.23.
About L3Harris Technologies
L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modifications, and periodic depot maintenance services for ISR and airborne missions.
Featured Article: Upside/Downside Explanation
Want to see what other hedge funds are holding LHX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L3Harris Technologies, Inc. (NYSE:LHX).
Receive News & Ratings for L3Harris Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L3Harris Technologies and related companies with MarketBeat.com's FREE daily email newsletter.