Philadelphia Trust Co. Lowers Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Philadelphia Trust Co. trimmed its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 3.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 136,391 shares of the company’s stock after selling 4,847 shares during the quarter. L3Harris Technologies comprises 2.1% of Philadelphia Trust Co.’s investment portfolio, making the stock its 13th largest holding. Philadelphia Trust Co.’s holdings in L3Harris Technologies were worth $28,680,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in LHX. Fortis Capital Advisors LLC raised its stake in L3Harris Technologies by 1.8% during the 4th quarter. Fortis Capital Advisors LLC now owns 4,502 shares of the company’s stock valued at $947,000 after acquiring an additional 78 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of L3Harris Technologies by 111.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 313,909 shares of the company’s stock worth $66,009,000 after purchasing an additional 165,673 shares during the last quarter. Petros Family Wealth LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth $763,000. Sterling Capital Management LLC lifted its holdings in shares of L3Harris Technologies by 39.9% during the fourth quarter. Sterling Capital Management LLC now owns 14,130 shares of the company’s stock worth $2,971,000 after purchasing an additional 4,028 shares during the period. Finally, Covestor Ltd grew its position in L3Harris Technologies by 12.2% in the 4th quarter. Covestor Ltd now owns 994 shares of the company’s stock valued at $209,000 after buying an additional 108 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 1,783 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total value of $377,068.84. Following the sale, the insider now owns 30,620 shares in the company, valued at approximately $6,475,517.60. This trade represents a 5.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jon Rambeau sold 3,178 shares of L3Harris Technologies stock in a transaction on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the sale, the insider now directly owns 2,797 shares in the company, valued at $632,122. The trade was a 53.19 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LHX. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a “sell” rating to a “buy” rating and raised their target price for the stock from $198.00 to $263.00 in a research note on Friday. Raymond James lowered L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. JPMorgan Chase & Co. cut their target price on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Sanford C. Bernstein upgraded L3Harris Technologies from a “market perform” rating to an “outperform” rating and decreased their price target for the company from $289.00 to $267.00 in a research note on Wednesday, January 8th. Finally, Susquehanna dropped their price objective on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $256.94.

L3Harris Technologies Trading Up 3.8 %

L3Harris Technologies stock opened at $221.67 on Friday. The stock has a market cap of $41.61 billion, a PE ratio of 28.17, a P/E/G ratio of 2.42 and a beta of 0.71. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average price of $207.62 and a 200 day moving average price of $223.70. L3Harris Technologies, Inc. has a 52 week low of $193.09 and a 52 week high of $265.74.

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

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a $1.20 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.17%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s dividend payout ratio (DPR) is 60.99%.

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.