Parallel Advisors LLC Has $615,000 Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Parallel Advisors LLC reduced its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 2.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,924 shares of the company’s stock after selling 85 shares during the period. Parallel Advisors LLC’s holdings in L3Harris Technologies were worth $615,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fortem Financial Group LLC bought a new position in shares of L3Harris Technologies during the third quarter valued at about $841,000. Czech National Bank lifted its position in shares of L3Harris Technologies by 6.4% during the fourth quarter. Czech National Bank now owns 41,124 shares of the company’s stock valued at $8,648,000 after purchasing an additional 2,480 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of L3Harris Technologies by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock valued at $184,245,000 after purchasing an additional 178,407 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of L3Harris Technologies by 2.0% during the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock valued at $52,395,000 after purchasing an additional 4,321 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of L3Harris Technologies by 13.9% during the third quarter. Sanctuary Advisors LLC now owns 30,634 shares of the company’s stock valued at $7,602,000 after purchasing an additional 3,740 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

NYSE LHX opened at $209.91 on Friday. The company’s 50 day moving average is $209.80 and its 200-day moving average is $226.46. L3Harris Technologies, Inc. has a 12-month low of $193.09 and a 12-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 market cap of $39.40 billion, a P/E ratio of 26.67, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74.

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

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be paid a dividend of $1.20 per share. The ex-dividend date is Monday, March 10th. This represents a $4.80 annualized dividend and a yield of 2.29%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s payout ratio is currently 60.99%.

Insider Activity at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 1,783 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total transaction of $377,068.84. Following the completion of the transaction, the insider now owns 30,620 shares of the company’s stock, valued at approximately $6,475,517.60. The trade was a 5.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ross Niebergall sold 1,373 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $210.06, for a total transaction of $288,412.38. Following the transaction, the insider now directly owns 5,049 shares of the company’s stock, valued at approximately $1,060,592.94. This represents a 21.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,098 shares of company stock valued at $1,760,588. Corporate insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Truist Financial dropped their price target on shares of L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Morgan Stanley lowered their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Argus raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company lowered their price objective on shares of L3Harris Technologies from $269.00 to $268.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $261.40.

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.