Retirement Systems of Alabama Trims Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Retirement Systems of Alabama reduced its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 2.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,773 shares of the company’s stock after selling 991 shares during the quarter. Retirement Systems of Alabama’s holdings in L3Harris Technologies were worth $8,798,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of LHX. Morgan Stanley grew its position in L3Harris Technologies by 1.9% in the 3rd quarter. Morgan Stanley now owns 2,507,948 shares of the company’s stock valued at $436,684,000 after buying an additional 47,691 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of L3Harris Technologies by 4.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,041,826 shares of the company’s stock worth $430,049,000 after acquiring an additional 82,423 shares during the period. Northern Trust Corp raised its holdings in L3Harris Technologies by 4.6% during the third quarter. Northern Trust Corp now owns 1,570,639 shares of the company’s stock worth $273,480,000 after purchasing an additional 68,545 shares in the last quarter. Invesco Ltd. lifted its position in L3Harris Technologies by 15.3% in the third quarter. Invesco Ltd. now owns 1,459,837 shares of the company’s stock valued at $254,187,000 after purchasing an additional 193,690 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its holdings in L3Harris Technologies by 22.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,450,040 shares of the company’s stock valued at $252,481,000 after purchasing an additional 266,468 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on LHX. StockNews.com cut L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Raymond James boosted their target price on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. JPMorgan Chase & Co. increased their price target on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday. Citigroup boosted their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Finally, Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price for the company in a report on Monday, April 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.33.

Insider Transactions at L3Harris Technologies

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 transaction of $8,488,800.00. Following the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction on 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 directly owns 28,644 shares in the company, valued at approximately $6,057,346.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction on Monday, March 25th. The shares were 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 in the company, valued at approximately $24,654,658.50. The disclosure for this sale can be found here. Insiders have sold 48,362 shares of company stock worth $10,261,360 over the last quarter. 0.82% of the stock is currently owned by insiders.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $212.24 on Friday. The company has a market capitalization of $40.26 billion, a price-to-earnings ratio of 34.45, a PEG ratio of 1.88 and a beta of 0.63. The stock has a fifty day moving average of $210.22 and a two-hundred day moving average of $202.31. L3Harris Technologies, Inc. has a fifty-two week low of $160.25 and a fifty-two week high of $218.34. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.80 and a current ratio of 0.98.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.17. The company had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.11 billion. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the company earned $2.86 EPS. On average, analysts anticipate that L3Harris Technologies, Inc. will post 12.87 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, May 31st. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

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.