NFJ Investment Group LLC Sells 13,771 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

NFJ Investment Group LLC lessened its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 7.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 172,432 shares of the company’s stock after selling 13,771 shares during the quarter. L3Harris Technologies makes up 1.2% of NFJ Investment Group LLC’s portfolio, making the stock its 16th biggest position. NFJ Investment Group LLC owned 0.09% of L3Harris Technologies worth $36,259,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Morse Asset Management Inc purchased a new position in shares of L3Harris Technologies during the third quarter valued at about $119,000. World Investment Advisors LLC grew its holdings in shares of L3Harris Technologies by 220.3% during the 3rd quarter. World Investment Advisors LLC now owns 32,580 shares of the company’s stock worth $7,750,000 after acquiring an additional 22,407 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of L3Harris Technologies in the 3rd quarter worth approximately $1,704,000. Synovus Financial Corp lifted its stake in shares of L3Harris Technologies by 17.5% in the 3rd quarter. Synovus Financial Corp now owns 6,734 shares of the company’s stock valued at $1,602,000 after purchasing an additional 1,003 shares during the period. Finally, Peapack Gladstone Financial Corp boosted its position in shares of L3Harris Technologies by 0.5% during the third quarter. Peapack Gladstone Financial Corp now owns 41,577 shares of the company’s stock valued at $9,890,000 after purchasing an additional 194 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Down 0.8 %

LHX opened at $220.88 on Wednesday. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average price of $208.18 and a 200-day moving average price of $223.54. The stock has a market capitalization of $41.46 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 2.42 and a beta of 0.71.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, beating the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. Equities research analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were paid a dividend of $1.20 per share. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.16. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Monday, March 10th. L3Harris Technologies’s payout ratio is currently 60.99%.

Insider Activity

In other news, insider Edward J. Zoiss sold 1,783 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total value of $377,068.84. Following the completion of the sale, the insider now directly owns 30,620 shares in the company, valued at $6,475,517.60. This represents a 5.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jon Rambeau sold 3,178 shares of L3Harris Technologies stock in a transaction on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the transaction, the insider now owns 2,797 shares in the company, valued at $632,122. This trade represents a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. JPMorgan Chase & Co. lowered their price target on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Jefferies Financial Group cut their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Citigroup lowered their target price on shares of L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Morgan Stanley cut their price target on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $256.94.

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.