Barrett & Company Inc. Reduces Position in L3Harris Technologies, Inc. (NYSE:LHX)

Barrett & Company Inc. cut its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 46.4% during the third quarter, HoldingsChannel reports. The firm owned 552 shares of the company’s stock after selling 477 shares during the period. Barrett & Company Inc.’s holdings in L3Harris Technologies were worth $131,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Welch Group LLC acquired a new stake in shares of L3Harris Technologies during the 3rd quarter worth approximately $214,000. State of Alaska Department of Revenue increased its position in shares of L3Harris Technologies by 6.9% during the third quarter. State of Alaska Department of Revenue now owns 22,038 shares of the company’s stock worth $5,242,000 after purchasing an additional 1,415 shares in the last quarter. Carret Asset Management LLC boosted its stake in L3Harris Technologies by 6.1% during the 3rd quarter. Carret Asset Management LLC now owns 18,168 shares of the company’s stock worth $4,322,000 after purchasing an additional 1,040 shares during the last quarter. Clear Harbor Asset Management LLC grew its holdings in shares of L3Harris Technologies by 0.3% during the third quarter. Clear Harbor Asset Management LLC now owns 16,777 shares of the company’s stock worth $3,991,000 after buying an additional 57 shares in the last quarter. Finally, Modera Wealth Management LLC raised its holdings in L3Harris Technologies by 2.9% in the 3rd quarter. Modera Wealth Management LLC now owns 6,666 shares of the company’s stock valued at $1,586,000 after acquiring an additional 190 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded down $1.76 during trading on Monday, reaching $251.05. The company’s stock had a trading volume of 141,644 shares, compared to its average volume of 908,018. The company has a 50-day moving average price of $237.08 and a two-hundred day moving average price of $227.50. L3Harris Technologies, Inc. has a fifty-two week low of $172.30 and a fifty-two week high of $258.89. The firm has a market cap of $47.63 billion, a PE ratio of 39.68, a P/E/G ratio of 2.10 and a beta of 0.73. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the business posted $3.19 earnings per share. L3Harris Technologies’s quarterly revenue was up 7.7% on a year-over-year basis. On average, analysts forecast that L3Harris Technologies, Inc. will post 13.06 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 74.24%.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of research analyst reports. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research note on Thursday, October 10th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Truist Financial lifted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday. Susquehanna lifted their target price on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $250.00 to $240.00 in a research report on Wednesday, August 14th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $257.21.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Company 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.