MCF Advisors LLC Cuts Stake in L3Harris Technologies, Inc. (NYSE:LHX)

MCF Advisors LLC reduced its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 24.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131 shares of the company’s stock after selling 42 shares during the period. MCF Advisors LLC’s holdings in L3Harris Technologies were worth $31,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. NorthCrest Asset Manangement LLC increased its holdings in shares of L3Harris Technologies by 3.1% in the third quarter. NorthCrest Asset Manangement LLC now owns 60,162 shares of the company’s stock worth $14,311,000 after buying an additional 1,821 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in L3Harris Technologies by 38.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,622 shares of the company’s stock worth $2,966,000 after acquiring an additional 3,521 shares during the last quarter. BKM Wealth Management LLC increased its stake in L3Harris Technologies by 5.2% in the 3rd quarter. BKM Wealth Management LLC now owns 6,663 shares of the company’s stock worth $1,585,000 after purchasing an additional 328 shares during the period. CWC Advisors LLC. bought a new stake in L3Harris Technologies in the third quarter valued at approximately $605,000. Finally, Ballentine Partners LLC boosted its stake in shares of L3Harris Technologies by 3.4% during the third quarter. Ballentine Partners LLC now owns 3,341 shares of the company’s stock valued at $795,000 after purchasing an additional 111 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now directly owns 13,328 shares in the company, valued at approximately $3,261,095.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on LHX shares. Truist Financial upped their price target on shares of L3Harris Technologies from $250.00 to $293.00 and gave the company a “buy” rating in a report on Friday, October 18th. Royal Bank of Canada cut L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $250.00 to $240.00 in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft lowered their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Finally, Citigroup upped their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $256.71.

L3Harris Technologies Trading Up 3.5 %

Shares of NYSE LHX opened at $252.81 on Friday. L3Harris Technologies, Inc. has a 1 year low of $169.55 and a 1 year high of $258.89. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. The firm has a 50-day moving average of $237.08 and a 200 day moving average of $227.34. The stock has a market cap of $47.96 billion, a P/E ratio of 40.45, a price-to-earnings-growth ratio of 2.10 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the business earned $3.19 earnings per share. As a group, sell-side analysts expect that L3Harris Technologies, Inc. will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.16 per share. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.84%. L3Harris Technologies’s payout ratio is presently 74.24%.

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.