Cutter & CO Brokerage Inc. Reduces Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Cutter & CO Brokerage Inc. cut its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,360 shares of the company’s stock after selling 213 shares during the period. L3Harris Technologies makes up approximately 0.9% of Cutter & CO Brokerage Inc.’s holdings, making the stock its 27th largest holding. Cutter & CO Brokerage Inc.’s holdings in L3Harris Technologies were worth $3,651,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in L3Harris Technologies by 1.3% in the third quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock valued at $1,122,630,000 after buying an additional 59,008 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in L3Harris Technologies by 5.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after buying an additional 85,882 shares in the last quarter. Mizuho Markets Americas LLC increased its holdings in L3Harris Technologies by 25.3% in the third quarter. Mizuho Markets Americas LLC now owns 822,736 shares of the company’s stock valued at $195,704,000 after buying an additional 166,262 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 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. Finally, The Manufacturers Life Insurance Company increased its holdings in L3Harris Technologies by 4.8% in the third quarter. The Manufacturers Life Insurance Company now owns 455,095 shares of the company’s stock valued at $108,253,000 after buying an additional 20,808 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Up 2.2 %

Shares of LHX opened at $204.19 on Wednesday. The firm has a market cap of $38.45 billion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 2.42 and a beta of 0.76. The company’s fifty day moving average is $209.53 and its two-hundred day moving average is $228.71. L3Harris Technologies, Inc. has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on LHX. UBS Group raised their price objective on shares of L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Citigroup dropped their price objective on shares of L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating for the company in a research note on Monday, February 10th. 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. Bank of America dropped their price objective on shares of L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $240.00 price objective on shares of L3Harris Technologies in a research note on Friday, January 31st. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 1,764 shares of L3Harris Technologies stock in a transaction on Monday, December 16th. The shares were sold at an average price of $223.62, for a total transaction of $394,465.68. Following the transaction, the insider now owns 8,576 shares in the company, valued at approximately $1,917,765.12. The trade was a 17.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 4,901 shares of company stock worth $1,059,757 in the last quarter. 0.87% of the stock is owned by insiders.

About L3Harris Technologies

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.