Central Pacific Bank Trust Division Makes New Investment in L3Harris Technologies, Inc. (NYSE:LHX)

Central Pacific Bank Trust Division bought a new position in L3Harris Technologies, Inc. (NYSE:LHX) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 800 shares of the company’s stock, valued at approximately $167,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in L3Harris Technologies by 15.4% in the 4th quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock worth $4,251,683,000 after acquiring an additional 2,692,771 shares in the last quarter. Capital World Investors lifted its position in shares of L3Harris Technologies by 26.0% in the 4th quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock worth $3,381,784,000 after purchasing an additional 3,308,506 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of L3Harris Technologies by 0.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,585,362 shares of the company’s stock worth $2,018,870,000 after purchasing an additional 40,448 shares during the period. Wells Fargo & Company MN lifted its position in shares of L3Harris Technologies by 2.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,147,546 shares of the company’s stock worth $1,084,176,000 after purchasing an additional 101,708 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of L3Harris Technologies by 34.7% in the 4th quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after purchasing an additional 1,138,549 shares during the period. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded up $1.33 during midday trading on Wednesday, reaching $227.29. The company’s stock had a trading volume of 35,914 shares, compared to its average volume of 988,602. The firm has a market capitalization of $43.11 billion, a PE ratio of 36.90, a P/E/G ratio of 1.89 and a beta of 0.72. L3Harris Technologies, Inc. has a twelve month low of $160.25 and a twelve month high of $228.13. The stock has a fifty day moving average of $221.57 and a 200 day moving average of $213.63. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.17. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.86 earnings per share. On average, equities analysts expect that L3Harris Technologies, Inc. will post 12.96 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th were given a dividend of $1.16 per share. The ex-dividend date was Tuesday, June 4th. This represents a $4.64 annualized dividend and a yield of 2.04%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LHX. Barclays upped their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 30th. JPMorgan Chase & Co. increased their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price for the company in a research report on Monday, April 22nd. Wells Fargo & Company increased their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Finally, Royal Bank of Canada increased their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.80.

Insider Activity at L3Harris Technologies

In related news, VP Sean J. Stackley sold 3,354 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $218.00, for a total transaction of $731,172.00. Following the sale, the vice president now owns 17,540 shares in the company, valued at $3,823,720. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 25,000 shares of the stock in a transaction on Friday, May 31st. The shares were sold at an average price of $222.45, for a total transaction of $5,561,250.00. Following the transaction, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $26,766,518.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $218.00, for a total transaction of $731,172.00. Following the transaction, the vice president now directly owns 17,540 shares in the company, valued at $3,823,720. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,898 shares of company stock worth $18,558,167. 0.87% of the stock is owned by company insiders.

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.