Welch & Forbes LLC Trims Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Welch & Forbes LLC lessened its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 0.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 119,735 shares of the company’s stock after selling 419 shares during the period. Welch & Forbes LLC owned 0.06% of L3Harris Technologies worth $25,219,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LHX. Morgan Stanley grew its holdings in L3Harris Technologies by 1.9% in the third quarter. Morgan Stanley now owns 2,507,948 shares of the company’s stock worth $436,684,000 after purchasing an additional 47,691 shares during the period. Allspring Global Investments Holdings LLC raised its stake in L3Harris Technologies by 4.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,041,826 shares of the company’s stock valued at $430,049,000 after buying an additional 82,423 shares during the last quarter. Northern Trust Corp boosted its holdings in L3Harris Technologies by 4.6% in the third quarter. Northern Trust Corp now owns 1,570,639 shares of the company’s stock worth $273,480,000 after acquiring an additional 68,545 shares in the last quarter. Invesco Ltd. grew its stake in shares of L3Harris Technologies by 15.3% in the third quarter. Invesco Ltd. now owns 1,459,837 shares of the company’s stock worth $254,187,000 after acquiring an additional 193,690 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in L3Harris Technologies by 22.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,450,040 shares of the company’s stock worth $252,481,000 after purchasing an additional 266,468 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LHX. JPMorgan Chase & Co. lifted their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. UBS Group boosted their price target on L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. StockNews.com cut L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price target on the stock in a report on Monday, April 22nd. Finally, Royal Bank of Canada boosted their price objective on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a report on Monday, April 29th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $231.33.

Insider Transactions at L3Harris Technologies

In related news, Director William H. Swanson purchased 1,250 shares of L3Harris Technologies stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the acquisition, the director now owns 1,543 shares in the company, valued at approximately $332,285.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director William H. Swanson acquired 1,250 shares of L3Harris Technologies stock in a transaction on Thursday, March 14th. The shares were acquired at an average price of $215.35 per share, with a total value of $269,187.50. Following the purchase, the director now directly owns 1,543 shares in the company, valued at approximately $332,285.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 3,707 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total value of $783,919.29. Following the transaction, the insider now owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,362 shares of company stock valued at $10,261,360. 0.87% of the stock is currently owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of NYSE LHX traded up $2.51 during midday trading on Monday, reaching $214.75. The stock had a trading volume of 789,099 shares, compared to its average volume of 1,118,148. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.80 and a current ratio of 0.98. L3Harris Technologies, Inc. has a 12-month low of $160.25 and a 12-month high of $218.34. The stock has a 50-day moving average of $210.24 and a 200-day moving average of $203.13. The company has a market capitalization of $40.73 billion, a price-to-earnings ratio of 34.86, a price-to-earnings-growth ratio of 1.88 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.17. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.11 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. L3Harris Technologies’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.86 EPS. As a group, research analysts anticipate that L3Harris Technologies, Inc. will post 12.91 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, June 4th. L3Harris Technologies’s payout ratio is currently 75.32%.

About L3Harris Technologies

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.