Covenant Asset Management LLC Trims Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Covenant Asset Management LLC trimmed its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 4.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,252 shares of the company’s stock after selling 221 shares during the period. Covenant Asset Management LLC’s holdings in L3Harris Technologies were worth $894,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nations Financial Group Inc. IA ADV increased its stake in shares of L3Harris Technologies by 5.4% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 10,423 shares of the company’s stock worth $2,192,000 after purchasing an additional 531 shares in the last quarter. Adell Harriman & Carpenter Inc. boosted its holdings in L3Harris Technologies by 131.7% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 7,755 shares of the company’s stock worth $1,631,000 after buying an additional 4,408 shares during the period. Blue Trust Inc. boosted its holdings in L3Harris Technologies by 557.6% in the 4th quarter. Blue Trust Inc. now owns 4,294 shares of the company’s stock worth $903,000 after buying an additional 3,641 shares during the period. Campbell Wealth Management boosted its holdings in L3Harris Technologies by 21.6% in the 4th quarter. Campbell Wealth Management now owns 1,204 shares of the company’s stock worth $253,000 after buying an additional 214 shares during the period. Finally, Asset Management One Co. Ltd. boosted its holdings in L3Harris Technologies by 2.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 71,910 shares of the company’s stock worth $15,272,000 after buying an additional 1,772 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Down 1.0 %

Shares of NYSE LHX opened at $198.02 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. The company has a market cap of $37.56 billion, a P/E ratio of 25.16, a PEG ratio of 1.75 and a beta of 0.76. L3Harris Technologies, Inc. has a 1 year low of $196.67 and a 1 year high of $265.74. The firm has a 50-day simple moving average of $214.03 and a two-hundred day simple moving average of $230.33.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Research analysts anticipate that L3Harris Technologies, Inc. will post 11.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 1,373 shares of L3Harris Technologies stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $210.06, for a total transaction of $288,412.38. Following the completion of the sale, the insider now owns 5,049 shares of the company’s stock, valued at approximately $1,060,592.94. The trade was a 21.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 4,901 shares of company stock valued at $1,059,757 over the last 90 days. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

LHX has been the subject of several recent analyst reports. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Raymond James downgraded shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Truist Financial cut their price objective on L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Finally, Barclays cut their price objective on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $262.67.

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.