Kentucky Retirement Systems Insurance Trust Fund Trims Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 7.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,255 shares of the company’s stock after selling 498 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in L3Harris Technologies were worth $1,333,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bfsg LLC purchased a new position in L3Harris Technologies in the 1st quarter worth about $25,000. Transcendent Capital Group LLC purchased a new position in L3Harris Technologies in the 4th quarter worth about $28,000. Blue Trust Inc. increased its stake in L3Harris Technologies by 178.7% in the 4th quarter. Blue Trust Inc. now owns 170 shares of the company’s stock worth $36,000 after buying an additional 109 shares during the period. EntryPoint Capital LLC increased its stake in L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after buying an additional 69 shares during the period. Finally, Washington Trust Advisors Inc. increased its stake in L3Harris Technologies by 80.6% in the 4th quarter. Washington Trust Advisors Inc. now owns 177 shares of the company’s stock worth $37,000 after buying an additional 79 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

LHX has been the topic of several recent research reports. Barclays increased their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $250.00 target price on shares of L3Harris Technologies in a report on Monday. Wells Fargo & Company increased their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. JPMorgan Chase & Co. increased their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Finally, Susquehanna raised their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.25.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded down $4.49 during midday trading on Monday, hitting $224.92. The company had a trading volume of 434,840 shares, compared to its average volume of 991,852. The stock has a market cap of $42.66 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 1.91 and a beta of 0.72. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The company has a fifty day simple moving average of $226.21 and a 200 day simple moving average of $216.14. L3Harris Technologies, Inc. has a 12-month low of $160.25 and a 12-month high of $245.60.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter last year, the company posted $2.97 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year. As a group, analysts predict that L3Harris Technologies, Inc. will post 12.99 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be issued a dividend of $1.16 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 2.06%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Insider Buying and Selling

In related news, VP Sean J. Stackley sold 3,354 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the transaction, the vice president now owns 14,186 shares of the company’s stock, valued at $3,074,531.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Christopher E. Kubasik sold 26,190 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the sale, the chief executive officer now owns 120,326 shares in the company, valued at $27,157,578.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Sean J. Stackley sold 3,354 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $216.73, for a total transaction of $726,912.42. Following the sale, the vice president now owns 14,186 shares in the company, valued at approximately $3,074,531.78. The disclosure for this sale can be found here. Insiders sold a total of 109,312 shares of company stock valued at $24,712,822 over the last 90 days. Insiders own 0.82% of the company’s stock.

L3Harris Technologies Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.