Synovus Financial Corp Sells 4,715 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Synovus Financial Corp trimmed its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 70.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,019 shares of the company’s stock after selling 4,715 shares during the quarter. Synovus Financial Corp’s holdings in L3Harris Technologies were worth $425,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Czech National Bank lifted its holdings in L3Harris Technologies by 6.4% in the 4th quarter. Czech National Bank now owns 41,124 shares of the company’s stock worth $8,648,000 after buying an additional 2,480 shares during the period. JPMorgan Chase & Co. raised its holdings 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 acquiring an additional 178,407 shares in the last quarter. Principal Financial Group Inc. lifted its stake in L3Harris Technologies by 2.0% in the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock worth $52,395,000 after acquiring an additional 4,321 shares during the period. Oliver Luxxe Assets LLC bought a new stake in L3Harris Technologies in the fourth quarter valued at $3,954,000. Finally, BankPlus Wealth Management LLC purchased a new position in L3Harris Technologies during the 4th quarter valued at $409,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Jon Rambeau sold 3,178 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the completion of the sale, the insider now directly owns 2,797 shares in the company, valued at approximately $632,122. The trade was a 53.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward J. Zoiss sold 1,783 shares of the firm’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 transaction, the insider now owns 30,620 shares in the company, valued at approximately $6,475,517.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

L3Harris Technologies Stock Performance

LHX stock opened at $218.01 on Friday. The stock has a market capitalization of $40.92 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 2.42 and a beta of 0.71. The stock’s 50 day simple moving average is $208.64 and its 200 day simple moving average is $223.37. L3Harris Technologies, Inc. has a 12-month low of $193.09 and a 12-month high of $265.74. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, January 30th. The company reported $3.47 EPS 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%. As a group, research analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.20%. L3Harris Technologies’s payout ratio is 60.99%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on LHX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $240.00 target price on shares of L3Harris Technologies in a research report on Friday, January 31st. Bank of America cut their price objective on L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Raymond James lowered L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Susquehanna dropped their price target on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price objective on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $256.35.

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.