L3Harris Technologies Inc $LHX Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC decreased its holdings in L3Harris Technologies Inc (NYSE:LHX) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 470,662 shares of the company’s stock after selling 6,752 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in L3Harris Technologies were worth $143,745,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of LHX. First Horizon Corp acquired a new stake in L3Harris Technologies during the 3rd quarter worth approximately $10,667,000. Merit Financial Group LLC increased its holdings in shares of L3Harris Technologies by 55.9% in the third quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock valued at $3,051,000 after purchasing an additional 3,583 shares during the period. Korea Investment CORP increased its holdings in shares of L3Harris Technologies by 11.2% in the third quarter. Korea Investment CORP now owns 153,567 shares of the company’s stock valued at $46,901,000 after purchasing an additional 15,408 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of L3Harris Technologies by 13.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock worth $9,230,000 after purchasing an additional 3,532 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of L3Harris Technologies by 32.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock worth $6,513,000 after purchasing an additional 5,239 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Activity

In other news, VP Melanie Rakita sold 751 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the completion of the transaction, the vice president directly owned 4,131 shares of the company’s stock, valued at $1,529,791.92. This trade represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred 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 transaction, the insider owned 7,660 shares of the company’s stock, valued at $2,836,651.20. This 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 19,025 shares of company stock worth $6,824,370 over the last ninety days. 0.72% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on LHX. BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a research report on Tuesday, November 18th. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. Wall Street Zen downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Argus upgraded shares of L3Harris Technologies to a “strong-buy” rating in a research note on Friday, February 27th. Finally, Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Trading Up 0.7%

NYSE:LHX opened at $368.84 on Wednesday. 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 stock has a fifty day simple moving average of $351.30 and a 200-day simple moving average of $310.34. The company has a market capitalization of $68.89 billion, a PE ratio of 43.24, a price-to-earnings-growth ratio of 2.64 and a beta of 0.63.

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

L3Harris Technologies Increases Dividend

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

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.