Legal Advantage Investments Inc. Cuts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Legal Advantage Investments Inc. cut its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 3.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,317 shares of the company’s stock after selling 200 shares during the quarter. Legal Advantage Investments Inc.’s holdings in L3Harris Technologies were worth $1,118,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in LHX. JPMorgan Chase & Co. increased its position in shares of L3Harris Technologies by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock valued at $184,245,000 after buying an additional 178,407 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in L3Harris Technologies by 65.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock valued at $97,532,000 after purchasing an additional 171,420 shares during the last quarter. International Assets Investment Management LLC raised its stake in L3Harris Technologies by 23,627.0% in the 3rd quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock valued at $40,580,000 after purchasing an additional 169,878 shares during the last quarter. Mizuho Markets Americas LLC boosted its position in L3Harris Technologies by 25.3% during the third quarter. Mizuho Markets Americas LLC now owns 822,736 shares of the company’s stock worth $195,704,000 after acquiring an additional 166,262 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in L3Harris Technologies during the 3rd quarter valued at about $35,904,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Ross Niebergall sold 1,373 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $210.06, for a total value of $288,412.38. Following the sale, the insider now directly owns 5,049 shares in the company, valued at approximately $1,060,592.94. This trade represents a 21.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 7,889 shares of company stock worth $1,800,572. 0.87% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a research note on Wednesday, December 11th. JPMorgan Chase & Co. dropped their price objective on shares of L3Harris Technologies from $270.00 to $265.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Truist Financial dropped their price target on shares of L3Harris Technologies from $300.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Wolfe Research raised 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 note on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.19.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $218.22 on Tuesday. The firm has a market cap of $41.39 billion, a PE ratio of 34.47, a price-to-earnings-growth ratio of 1.74 and a beta of 0.75. L3Harris Technologies, Inc. has a 52-week low of $200.18 and a 52-week high of $265.74. 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 company’s 50 day moving average is $227.28 and its two-hundred day moving average is $233.09.

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, topping analysts’ consensus estimates 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 quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.19 EPS. On average, research analysts expect that L3Harris Technologies, Inc. will post 13.07 EPS for the current fiscal year.

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.