Islay Capital Management LLC Decreases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Islay Capital Management LLC lowered its position in L3Harris Technologies, Inc. (NYSE:LHX) by 56.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 773 shares of the company’s stock after selling 1,001 shares during the quarter. Islay Capital Management LLC’s holdings in L3Harris Technologies were worth $163,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Cross Staff Investments Inc lifted its stake in L3Harris Technologies by 12.4% in the fourth quarter. Cross Staff Investments Inc now owns 1,432 shares of the company’s stock worth $302,000 after acquiring an additional 158 shares during the last quarter. Sapient Capital LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter worth approximately $1,198,000. Bruce G. Allen Investments LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter worth approximately $46,000. Ceredex Value Advisors LLC lifted its position in shares of L3Harris Technologies by 14.1% during the 3rd quarter. Ceredex Value Advisors LLC now owns 673,757 shares of the company’s stock worth $117,315,000 after buying an additional 83,319 shares during the last quarter. Finally, BKM Wealth Management LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter worth approximately $1,125,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling at L3Harris Technologies

In other news, Director William H. Swanson bought 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 $332,285.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $212.22, for a total value of $8,488,800.00. Following the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at approximately $24,654,658.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William H. Swanson bought 1,250 shares of L3Harris Technologies stock in a transaction on Thursday, March 14th. The stock was purchased at an average price of $215.35 per share, for a total transaction of $269,187.50. Following the completion of the acquisition, the director now owns 1,543 shares in the company, valued at approximately $332,285.05. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 48,362 shares of company stock worth $10,261,360. Corporate insiders own 0.87% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE LHX traded down $1.79 during trading on Tuesday, hitting $215.27. 450,141 shares of the company were exchanged, compared to its average volume of 1,120,208. The company has a market cap of $40.92 billion, a price-to-earnings ratio of 34.95, a PEG ratio of 1.99 and a beta of 0.65. L3Harris Technologies, Inc. has a 1 year low of $160.25 and a 1 year high of $218.34. The firm’s fifty day moving average price is $210.26 and its 200 day moving average price is $201.92. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.98 and a quick ratio of 0.80.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, April 25th. The company reported $3.06 EPS for the quarter, topping the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same period in the previous year, the firm earned $2.86 EPS. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, sell-side analysts expect that L3Harris Technologies, Inc. will post 12.76 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be given a $1.16 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $4.64 annualized dividend and a dividend yield of 2.16%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LHX. Alembic Global Advisors upgraded shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective for the company in a research report on Monday, April 22nd. StockNews.com cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Monday, January 29th. UBS Group lifted their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Royal Bank of Canada lifted their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a report on Monday. Finally, Raymond James lifted their target price on shares of L3Harris Technologies from $220.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $230.88.

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.