Smithfield Trust Co Reduces Position in L3Harris Technologies, Inc. (NYSE:LHX)

Smithfield Trust Co cut its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 47.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,562 shares of the company’s stock after selling 2,308 shares during the quarter. Smithfield Trust Co’s holdings in L3Harris Technologies were worth $609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its holdings in shares of L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp boosted its holdings in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after purchasing an additional 69 shares during the last quarter. Kennebec Savings Bank purchased a new stake in L3Harris Technologies in the third quarter valued at $36,000. Finally, Versant Capital Management Inc boosted its holdings in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Up 0.9 %

Shares of NYSE LHX opened at $246.60 on Friday. L3Harris Technologies, Inc. has a 12-month low of $185.98 and a 12-month high of $265.74. The stock has a market cap of $46.77 billion, a PE ratio of 38.96, a P/E/G ratio of 2.03 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average of $244.49 and a 200 day moving average of $232.91.

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

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.88%. L3Harris Technologies’s dividend payout ratio (DPR) is 73.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on LHX shares. Susquehanna upped their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Truist Financial upped their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Finally, Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $267.50.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 8,964 shares of company stock valued at $2,179,119 in the last 90 days. Company insiders own 0.82% 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.