L3Harris Technologies, Inc. (NYSE:LHX) Shares Sold by Appian Way Asset Management LP

Appian Way Asset Management LP cut its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 4.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,703 shares of the company’s stock after selling 2,300 shares during the quarter. L3Harris Technologies comprises approximately 2.7% of Appian Way Asset Management LP’s investment portfolio, making the stock its 12th biggest position. Appian Way Asset Management LP’s holdings in L3Harris Technologies were worth $10,713,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Stifel Financial Corp raised its stake in L3Harris Technologies by 3.9% during the fourth quarter. Stifel Financial Corp now owns 175,895 shares of the company’s stock worth $37,057,000 after purchasing an additional 6,675 shares during the period. Scout Investments Inc. lifted its holdings in L3Harris Technologies by 59.4% in the fourth quarter. Scout Investments Inc. now owns 36,025 shares of the company’s stock valued at $7,588,000 after acquiring an additional 13,423 shares during the last quarter. Wellington Management Group LLP grew its position in L3Harris Technologies by 34.7% in the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after acquiring an additional 1,138,549 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in L3Harris Technologies by 17.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock worth $9,845,000 after acquiring an additional 6,634 shares during the last quarter. Finally, Edgestream Partners L.P. increased its stake in L3Harris Technologies by 151.6% during the first quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock worth $822,000 after acquiring an additional 2,325 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Activity

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the transaction, the insider now owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, SVP Scott T. Mikuen sold 10,527 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the transaction, the senior vice president now owns 47,616 shares of the company’s stock, valued at $10,951,680. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The disclosure for this sale can be found here. In the last three months, insiders sold 29,402 shares of company stock valued at $6,861,855. Insiders own 0.82% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $237.73 on Tuesday. The company has a market cap of $45.09 billion, a P/E ratio of 38.59, a PEG ratio of 1.95 and a beta of 0.73. The firm has a fifty day moving average price of $231.42 and a 200 day moving average price of $222.04. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. L3Harris Technologies, Inc. has a 12 month low of $160.25 and a 12 month high of $245.60.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same period last year, the firm posted $2.97 EPS. The company’s revenue was up 12.9% on a year-over-year basis. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Friday, September 6th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 75.32%.

Wall Street Analyst Weigh In

LHX has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating and lifted their target price for the company from $245.00 to $257.00 in a report on Friday, July 26th. Barclays upped their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, Susquehanna boosted their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $247.08.

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.