Axxcess Wealth Management LLC Reduces Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Axxcess Wealth Management LLC cut its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 2.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,972 shares of the company’s stock after selling 138 shares during the quarter. Axxcess Wealth Management LLC’s holdings in L3Harris Technologies were worth $1,041,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Koshinski Asset Management Inc. grew its position in shares of L3Harris Technologies by 3.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company’s stock worth $353,000 after acquiring an additional 50 shares in the last quarter. Belpointe Asset Management LLC grew its position in shares of L3Harris Technologies by 0.7% in the 4th quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company’s stock worth $1,476,000 after acquiring an additional 52 shares in the last quarter. CWC Advisors LLC. grew its position in shares of L3Harris Technologies by 2.1% in the 4th quarter. CWC Advisors LLC. now owns 2,596 shares of the company’s stock worth $546,000 after acquiring an additional 53 shares in the last quarter. Callan Capital LLC grew its position in shares of L3Harris Technologies by 5.0% in the 1st quarter. Callan Capital LLC now owns 1,107 shares of the company’s stock worth $232,000 after acquiring an additional 53 shares in the last quarter. Finally, Riverwater Partners LLC grew its position in shares of L3Harris Technologies by 3.1% in the 1st quarter. Riverwater Partners LLC now owns 1,773 shares of the company’s stock worth $371,000 after acquiring an additional 54 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Down 0.2%

Shares of L3Harris Technologies stock opened at $259.60 on Friday. The stock’s fifty day moving average is $242.10 and its 200-day moving average is $221.74. The firm has a market capitalization of $48.53 billion, a PE ratio of 30.79, a price-to-earnings-growth ratio of 2.03 and a beta of 0.75. The company has a quick ratio of 0.85, a current ratio of 1.02 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $265.74.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The firm had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the firm earned $3.06 earnings per share. L3Harris Technologies’s quarterly revenue was down 1.5% on a year-over-year basis. Equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $4.80 annualized dividend and a dividend yield of 1.85%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 56.94%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Truist Financial boosted their price objective on L3Harris Technologies from $260.00 to $279.00 and gave the company a “buy” rating in a research report on Friday. UBS Group lifted their target price on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research note on Monday, April 28th. Citigroup lifted their target price on L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Wells Fargo & Company cut their target price on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Wall Street Zen raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Saturday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $259.94.

Insider Activity at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider owned 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the transaction, the chief executive officer directly owned 145,572 shares of the company’s stock, valued at approximately $36,171,730.56. This trade represents a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate 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.