Ascent Group LLC Sells 6,368 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Ascent Group LLC reduced its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 56.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,831 shares of the company’s stock after selling 6,368 shares during the period. Ascent Group LLC’s holdings in L3Harris Technologies were worth $1,149,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Meeder Asset Management Inc. lifted its holdings in 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 purchasing an additional 86 shares in the last quarter. Archer Investment Corp lifted its stake in shares of L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after buying an additional 43 shares in the last quarter. Kennebec Savings Bank bought a new position in L3Harris Technologies in the 3rd quarter worth $36,000. Family Firm Inc. bought a new stake in L3Harris Technologies during the second quarter valued at about $45,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of L3Harris Technologies in the second quarter valued at about $57,000. 84.76% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the completion of the transaction, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wells Fargo & Company increased their target price on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Truist Financial lifted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company 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 target price for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a report on Tuesday, November 26th. Finally, Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $269.67.

L3Harris Technologies Stock Performance

NYSE LHX opened at $239.86 on Wednesday. The company has a market cap of $45.49 billion, a P/E ratio of 37.89, a P/E/G ratio of 2.03 and a beta of 0.72. The business’s 50 day moving average price is $246.42 and its 200-day moving average price is $234.50. L3Harris Technologies, Inc. has a fifty-two week low of $192.95 and a fifty-two week high of $265.74. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last announced its 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. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.19 earnings per share. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.93%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

L3Harris Technologies 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.