WASHINGTON TRUST Co Grows Stake in L3Harris Technologies, Inc. (NYSE:LHX)

WASHINGTON TRUST Co lifted its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 11.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 563 shares of the company’s stock after buying an additional 60 shares during the quarter. WASHINGTON TRUST Co’s holdings in L3Harris Technologies were worth $119,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in LHX. Norges Bank purchased a new position in L3Harris Technologies during the 4th quarter valued at about $342,413,000. Cowa LLC bought a new position in shares of L3Harris Technologies during the first quarter valued at approximately $26,000. Renaissance Technologies LLC increased its holdings in L3Harris Technologies by 284.1% during the first quarter. Renaissance Technologies LLC now owns 766,870 shares of the company’s stock valued at $150,491,000 after buying an additional 567,200 shares during the period. Two Sigma Investments LP bought a new position in L3Harris Technologies in the first quarter worth approximately $83,532,000. Finally, Manning & Napier Group LLC boosted its position in L3Harris Technologies by 58.6% during the third quarter. Manning & Napier Group LLC now owns 1,034,176 shares of the company’s stock valued at $180,071,000 after purchasing an additional 381,997 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analysts Set New Price Targets

LHX has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price target on L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 30th. UBS Group lifted their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Truist Financial lifted their price target on L3Harris Technologies from $224.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, December 14th. Deutsche Bank Aktiengesellschaft upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and upped their price objective for the stock from $184.00 to $240.00 in a research report on Friday, December 15th. Finally, Raymond James increased their target price on shares of L3Harris Technologies from $220.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $229.00.

L3Harris Technologies Trading Up 0.2 %

NYSE:LHX opened at $212.97 on Friday. The stock has a market capitalization of $40.49 billion, a price-to-earnings ratio of 33.16, a PEG ratio of 1.96 and a beta of 0.65. L3Harris Technologies, Inc. has a 1 year low of $160.25 and a 1 year high of $218.34. The stock has a fifty day moving average price of $210.91 and a two-hundred day moving average price of $196.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.82 and a current ratio of 1.01.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Friday, January 26th. The company reported $3.35 EPS for the quarter, beating the consensus estimate of $3.31 by $0.04. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The firm had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter last year, the business earned $3.27 earnings per share. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 12.73 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were given a dividend of $1.16 per share. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.14. The ex-dividend date was Thursday, March 7th. This represents a $4.64 annualized dividend and a yield of 2.18%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 72.05%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Edward J. Zoiss sold 3,707 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total transaction of $783,919.29. Following the completion of the sale, the insider now owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $212.22, for a total value of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares of the company’s stock, valued at $24,654,658.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total value of $783,919.29. Following the completion of the transaction, the insider now directly owns 28,644 shares in the company, valued at $6,057,346.68. The disclosure for this sale can be found here. Insiders have sold a total of 48,362 shares of company stock valued at $10,261,360 in the last quarter. 0.82% of the stock is currently owned by company 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.