D.B. Root & Company LLC Reduces Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

D.B. Root & Company LLC lowered its position in L3Harris Technologies, Inc. (NYSE:LHX) by 30.6% in the third quarter, HoldingsChannel reports. The firm owned 2,595 shares of the company’s stock after selling 1,143 shares during the period. D.B. Root & Company LLC’s holdings in L3Harris Technologies were worth $617,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of LHX. Concurrent Investment Advisors LLC boosted its stake in L3Harris Technologies by 2.0% during the third quarter. Concurrent Investment Advisors LLC now owns 18,253 shares of the company’s stock worth $4,342,000 after buying an additional 352 shares during the period. HMS Capital Management LLC boosted its stake in L3Harris Technologies by 1.0% during the third quarter. HMS Capital Management LLC now owns 4,850 shares of the company’s stock worth $1,154,000 after buying an additional 47 shares during the period. Crestwood Advisors Group LLC boosted its stake in L3Harris Technologies by 4.6% during the third quarter. Crestwood Advisors Group LLC now owns 1,659 shares of the company’s stock worth $395,000 after buying an additional 73 shares during the period. Sentry Investment Management LLC boosted its stake in L3Harris Technologies by 3.3% during the third quarter. Sentry Investment Management LLC now owns 2,854 shares of the company’s stock worth $679,000 after buying an additional 91 shares during the period. Finally, Cary Street Partners Asset Management LLC boosted its stake in L3Harris Technologies by 4.1% during the third quarter. Cary Street Partners Asset Management LLC now owns 1,462 shares of the company’s stock worth $348,000 after buying an additional 58 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock opened at $256.45 on Thursday. The firm has a market capitalization of $48.64 billion, a P/E ratio of 40.51, a P/E/G ratio of 2.06 and a beta of 0.72. L3Harris Technologies, Inc. has a 52 week low of $179.56 and a 52 week high of $260.00. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The firm’s 50 day moving average is $239.97 and its two-hundred day moving average is $229.89.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.19 earnings per share. Research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.81%. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Analyst Ratings Changes

Several brokerages have weighed in on LHX. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Barclays increased their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company increased their price target on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the transaction, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 8,964 shares of company stock worth $2,179,119 over the last three months. Insiders own 0.87% of the company’s stock.

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.