Olstein Capital Management L.P. Decreases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Olstein Capital Management L.P. trimmed its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 3.6% during the first quarter, Holdings Channel reports. The fund owned 40,000 shares of the company’s stock after selling 1,500 shares during the quarter. L3Harris Technologies accounts for 1.4% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 28th largest holding. Olstein Capital Management L.P.’s holdings in L3Harris Technologies were worth $8,524,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of LHX. Capital World Investors raised its holdings in shares of L3Harris Technologies by 26.0% during the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock worth $3,381,784,000 after purchasing an additional 3,308,506 shares during the period. Vanguard Group Inc. grew its holdings in shares of L3Harris Technologies by 15.4% during the fourth quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock valued at $4,251,683,000 after purchasing an additional 2,692,771 shares during the last quarter. Mizuho Markets Americas LLC raised its position in shares of L3Harris Technologies by 990.3% during the 4th quarter. Mizuho Markets Americas LLC now owns 2,204,675 shares of the company’s stock worth $464,349,000 after purchasing an additional 2,002,475 shares during the period. Norges Bank bought a new stake in shares of L3Harris Technologies in the 4th quarter worth approximately $325,147,000. Finally, Wellington Management Group LLP boosted its position in L3Harris Technologies by 34.7% during the 4th quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after purchasing an additional 1,138,549 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Activity

In related news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $218.00, for a total transaction of $731,172.00. Following the transaction, the vice president now directly owns 17,540 shares of the company’s stock, valued at $3,823,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Christopher E. Kubasik sold 26,190 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total value of $5,911,083.00. Following the sale, the chief executive officer now owns 120,326 shares in the company, valued at $27,157,578.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Sean J. Stackley sold 3,354 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $218.00, for a total transaction of $731,172.00. Following the transaction, the vice president now directly owns 17,540 shares in the company, valued at approximately $3,823,720. The disclosure for this sale can be found here. Insiders have sold 82,898 shares of company stock worth $18,558,167 over the last 90 days. 0.87% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

NYSE:LHX traded up $0.98 during trading hours on Wednesday, reaching $224.58. 422,248 shares of the company’s stock were exchanged, compared to its average volume of 1,006,008. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $42.60 billion, a P/E ratio of 36.49, a price-to-earnings-growth ratio of 1.88 and a beta of 0.72. L3Harris Technologies, Inc. has a 12 month low of $160.25 and a 12 month high of $228.13. The business’s 50-day simple moving average is $220.29 and its two-hundred day simple moving average is $213.05.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.17. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.11 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same period last year, the company posted $2.86 EPS. Sell-side analysts expect that L3Harris Technologies, Inc. will post 12.93 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were issued a dividend of $1.16 per share. The ex-dividend date was Tuesday, June 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.07%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on LHX shares. Barclays increased their target price on L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 30th. Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. JPMorgan Chase & Co. lifted their price target on L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective for the company in a report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their target price on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $231.80.

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.