California State Teachers Retirement System Sells 3,613 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

California State Teachers Retirement System reduced its position in shares of L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) by 1.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 325,950 shares of the company’s stock after selling 3,613 shares during the quarter. California State Teachers Retirement System’s holdings in L3Harris Technologies were worth $67,742,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Grimes & Company Inc. raised its holdings in L3Harris Technologies by 3.4% in the 3rd quarter. Grimes & Company Inc. now owns 1,236 shares of the company’s stock worth $257,000 after purchasing an additional 41 shares in the last quarter. Oakworth Capital Inc. raised its holdings in L3Harris Technologies by 8.6% in the 3rd quarter. Oakworth Capital Inc. now owns 543 shares of the company’s stock worth $113,000 after purchasing an additional 43 shares in the last quarter. Leavell Investment Management Inc. raised its holdings in L3Harris Technologies by 0.8% in the 3rd quarter. Leavell Investment Management Inc. now owns 6,081 shares of the company’s stock worth $1,264,000 after purchasing an additional 46 shares in the last quarter. Main Street Financial Solutions LLC raised its holdings in L3Harris Technologies by 3.8% in the 3rd quarter. Main Street Financial Solutions LLC now owns 1,289 shares of the company’s stock worth $268,000 after purchasing an additional 47 shares in the last quarter. Finally, Phoenix Wealth Advisors raised its holdings in L3Harris Technologies by 3.3% in the 3rd quarter. Phoenix Wealth Advisors now owns 1,514 shares of the company’s stock worth $315,000 after purchasing an additional 48 shares in the last quarter. 82.18% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $202.27 on Friday. L3Harris Technologies, Inc. has a one year low of $189.73 and a one year high of $264.71. The company’s 50-day moving average is $206.59 and its 200 day moving average is $218.42. The company has a market capitalization of $38.42 billion, a price-to-earnings ratio of 36.98, a price-to-earnings-growth ratio of 6.33 and a beta of 0.71. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.95 and a current ratio of 1.17.

L3Harris Technologies (NYSE:LHX – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The company reported $3.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.21 by $0.06. The firm had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.36 billion. L3Harris Technologies had a net margin of 6.22% and a return on equity of 13.20%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.30 EPS. Sell-side analysts expect that L3Harris Technologies, Inc. will post 12.32 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Friday, March 10th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, March 9th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.12. L3Harris Technologies’s dividend payout ratio (DPR) is presently 83.36%.

Wall Street Analyst Weigh In

Several research analysts have commented on LHX shares. Susquehanna upped their price objective on shares of L3Harris Technologies from $265.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, January 30th. Robert W. Baird downgraded shares of L3Harris Technologies from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $290.00 to $241.00 in a research report on Monday, December 19th. Truist Financial reduced their target price on shares of L3Harris Technologies from $264.00 to $255.00 and set a “buy” rating on the stock in a research report on Monday, January 30th. StockNews.com initiated coverage on shares of L3Harris Technologies in a research report on Thursday. They issued a “buy” rating on the stock. Finally, Cowen reduced their target price on shares of L3Harris Technologies from $260.00 to $240.00 and set an “outperform” rating on the stock in a research report on Thursday, January 12th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, L3Harris Technologies has a consensus rating of “Hold” and an average target price of $259.46.

L3Harris Technologies Profile

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L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across the air, land, sea, space, and cyber domains. It operates through the following segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems. The Integrated Mission Systems segment consists of multi-mission ISR and communication systems, integrated electrical and electronic systems for maritime platforms, and advanced electro-optical and infrared solutions.