Smithfield Trust Co Trims Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Smithfield Trust Co lowered its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 10.7% during the 4th quarter, HoldingsChannel reports. The fund owned 2,288 shares of the company’s stock after selling 274 shares during the period. Smithfield Trust Co’s holdings in L3Harris Technologies were worth $482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Bradley & Co. Private Wealth Management LLC purchased a new stake in L3Harris Technologies in the 4th quarter worth approximately $27,000. Roxbury Financial LLC purchased a new position in L3Harris Technologies during the fourth quarter worth about $30,000. Archer Investment Corp grew its position in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after buying an additional 43 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in L3Harris Technologies during the fourth quarter worth about $33,000. Finally, Kennebec Savings Bank purchased a new position in L3Harris Technologies during the third quarter worth about $36,000. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

Shares of LHX opened at $210.84 on Thursday. L3Harris Technologies, Inc. has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The firm’s 50-day simple moving average is $208.77 and its two-hundred day simple moving average is $227.82. The stock has a market cap of $39.70 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Analysts anticipate that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 2.28%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend is Monday, March 10th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 60.99%.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $213.65, for a total transaction of $376,878.60. Following the transaction, the insider now owns 6,812 shares in the company, valued at $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 4,901 shares of company stock worth $1,059,757. 0.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

LHX has been the topic of a number of recent analyst reports. Susquehanna lowered their target price on shares of L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Bank of America lowered their target price on shares of L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $240.00 target price on shares of L3Harris Technologies in a research report on Friday, January 31st. Finally, Wells Fargo & Company cut their target price on shares of L3Harris Technologies from $300.00 to $269.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, L3Harris Technologies presently has an average rating of “Moderate Buy” and an average target price of $261.47.

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.