Horrell Capital Management Inc. Decreases Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Horrell Capital Management Inc. trimmed its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 10.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,581 shares of the company’s stock after selling 2,980 shares during the period. L3Harris Technologies accounts for approximately 1.9% of Horrell Capital Management Inc.’s holdings, making the stock its 17th largest position. Horrell Capital Management Inc.’s holdings in L3Harris Technologies were worth $6,323,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of LHX. Vanguard Group Inc. raised its position in L3Harris Technologies by 12.9% in the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after purchasing an additional 2,606,267 shares during the period. Manning & Napier Advisors LLC purchased a new position in L3Harris Technologies in the second quarter valued at $210,886,000. Envestnet Asset Management Inc. increased its holdings in L3Harris Technologies by 236.8% in the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock valued at $222,186,000 after buying an additional 695,582 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of L3Harris Technologies by 19.7% during the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after purchasing an additional 523,315 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in L3Harris Technologies by 65.2% during the second quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock worth $97,532,000 after acquiring an additional 171,420 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Down 0.7 %

LHX stock traded down $1.71 on Tuesday, reaching $246.32. 182,517 shares of the company traded hands, compared to its average volume of 908,813. The company has a market cap of $46.73 billion, a P/E ratio of 40.26, a price-to-earnings-growth ratio of 2.10 and a beta of 0.73. The firm has a fifty day simple moving average of $237.43 and a 200-day simple moving average of $227.82. L3Harris Technologies, Inc. has a one year low of $172.30 and a one year high of $258.89. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data 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 business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.19 EPS. Research analysts anticipate that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given 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 1.88%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LHX. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a report on Thursday, October 10th. Citigroup lifted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday. Truist Financial boosted their target price on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday. Finally, 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 note on Friday, August 9th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $261.50.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the transaction, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.