Chevy Chase Trust Holdings LLC Has $29.41 Million Stake in L3Harris Technologies Inc $LHX

Chevy Chase Trust Holdings LLC cut its position in L3Harris Technologies Inc (NYSE:LHX) by 3.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 96,289 shares of the company’s stock after selling 3,471 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in L3Harris Technologies were worth $29,408,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in LHX. First Horizon Corp bought a new stake in shares of L3Harris Technologies during the 3rd quarter worth $10,667,000. Merit Financial Group LLC grew its position in 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 acquiring an additional 3,583 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in 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 acquiring an additional 3,532 shares in the last quarter. Korea Investment CORP raised its stake in L3Harris Technologies by 11.2% during the third quarter. Korea Investment CORP now owns 153,567 shares of the company’s stock worth $46,901,000 after acquiring an additional 15,408 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of L3Harris Technologies by 32.6% in the third quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock worth $6,513,000 after acquiring an additional 5,239 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In other news, insider Jon Rambeau sold 5,528 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Samir Mehta sold 5,528 shares of L3Harris Technologies stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider directly owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This represents a 41.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 19,025 shares of company stock worth $6,824,370. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Trading Up 0.2%

NYSE LHX opened at $358.66 on Monday. The business’s 50-day moving average price is $349.12 and its two-hundred day moving average price is $309.07. L3Harris Technologies Inc has a 12 month low of $195.72 and a 12 month high of $379.23. The firm has a market capitalization of $66.99 billion, a PE ratio of 42.05, a price-to-earnings-growth ratio of 2.59 and a beta of 0.63. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

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

L3Harris Technologies Increases Dividend

The company 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 dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is 58.62%.

Wall Street Analyst Weigh In

LHX has been the topic of several research reports. UBS Group lifted their price target on shares of L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Vertical Research reissued a “buy” rating and issued a $355.00 price objective on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Truist Financial set a $364.00 target price on shares of L3Harris Technologies in a research note on Wednesday, January 14th. Finally, BNP Paribas Exane began coverage on shares of L3Harris Technologies in a report on Tuesday, November 18th. They set a “neutral” rating and a $290.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $328.57.

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.