L3Harris (NYSE:LHX) Stake Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in shares of L3Harris (NYSE:LHX) by 37.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,744 shares of the company’s stock after selling 31,052 shares during the quarter. State of Alaska Department of Revenue’s holdings in L3Harris were worth $8,778,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Virtus ETF Advisers LLC bought a new position in shares of L3Harris in the fourth quarter worth $25,000. Filbrandt Wealth Management LLC bought a new position in shares of L3Harris in the fourth quarter worth $25,000. NuWave Investment Management LLC bought a new position in shares of L3Harris in the first quarter worth $30,000. Sowell Financial Services LLC grew its stake in shares of L3Harris by 161.2% in the first quarter. Sowell Financial Services LLC now owns 175 shares of the company’s stock worth $32,000 after purchasing an additional 108 shares in the last quarter. Finally, Americana Partners LLC bought a new position in shares of L3Harris in the fourth quarter worth $37,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Shares of NYSE LHX opened at $164.65 on Thursday. L3Harris has a 12 month low of $142.01 and a 12 month high of $230.99. The company has a market cap of $36.20 billion, a price-to-earnings ratio of 24.00 and a beta of 0.74. The company has a quick ratio of 1.21, a current ratio of 1.41 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $185.93 and a 200-day simple moving average of $196.17.

L3Harris (NYSE:LHX) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.19. The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.60 billion. L3Harris had a return on equity of 13.20% and a net margin of 8.30%. L3Harris’s quarterly revenue was up 167.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.32 earnings per share. As a group, sell-side analysts expect that L3Harris will post 11.31 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Monday, June 1st. L3Harris’s payout ratio is 33.73%.

In other L3Harris news, Director Roger Fradin purchased 161 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were purchased at an average cost of $191.45 per share, with a total value of $30,823.45. Following the completion of the transaction, the director now owns 725 shares of the company’s stock, valued at $138,801.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas A. Corcoran sold 1,500 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $206.17, for a total value of $309,255.00. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

LHX has been the subject of several research analyst reports. SunTrust Banks cut their price objective on L3Harris from $265.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, April 16th. ValuEngine lowered L3Harris from a “hold” rating to a “sell” rating in a report on Thursday, July 2nd. Seaport Global Securities initiated coverage on L3Harris in a report on Tuesday, May 19th. They issued a “buy” rating and a $225.00 price objective for the company. Credit Suisse Group cut their price objective on L3Harris from $252.00 to $226.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. Finally, UBS Group cut their price objective on L3Harris from $235.00 to $226.00 and set a “neutral” rating for the company in a report on Thursday, June 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. L3Harris currently has an average rating of “Buy” and an average price target of $241.05.

L3Harris Profile

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

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Institutional Ownership by Quarter for L3Harris (NYSE:LHX)

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