SpiderRock Advisors LLC Reduces Stake in L3Harris Technologies, Inc. (NYSE:LHX)

SpiderRock Advisors LLC cut its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 9.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,161 shares of the company’s stock after selling 560 shares during the period. SpiderRock Advisors LLC’s holdings in L3Harris Technologies were worth $1,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of LHX. Equitable Trust Co. lifted its position in L3Harris Technologies by 28.5% in the third quarter. Equitable Trust Co. now owns 3,842 shares of the company’s stock worth $914,000 after buying an additional 851 shares during the last quarter. Quantum Private Wealth LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter worth about $272,000. Comprehensive Financial Consultants Institutional Inc. lifted its holdings in shares of L3Harris Technologies by 0.8% in the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 8,792 shares of the company’s stock worth $2,091,000 after acquiring an additional 67 shares during the last quarter. Summit Global Investments purchased a new position in shares of L3Harris Technologies during the 3rd quarter worth about $334,000. Finally, Verity Asset Management Inc. bought a new position in L3Harris Technologies during the 3rd quarter valued at about $616,000. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now directly owns 13,328 shares in the company, valued at $3,261,095.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 8,964 shares of company stock worth $2,179,119 in the last 90 days. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on LHX shares. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research report on Thursday, October 10th. Wells Fargo & Company upped their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Finally, Truist Financial lifted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX opened at $260.60 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $49.43 billion, a price-to-earnings ratio of 41.17, a price-to-earnings-growth ratio of 2.17 and a beta of 0.72. The firm has a 50 day moving average of $240.87 and a 200 day moving average of $230.59. L3Harris Technologies, Inc. has a 52 week low of $179.56 and a 52 week high of $261.75.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the company posted $3.19 EPS. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s payout ratio is currently 73.30%.

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.