Cutter & CO Brokerage Inc. Reduces Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Cutter & CO Brokerage Inc. trimmed its position in L3Harris Technologies, Inc. (NYSE:LHX) by 3.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,471 shares of the company’s stock after selling 670 shares during the quarter. L3Harris Technologies comprises 1.0% of Cutter & CO Brokerage Inc.’s investment portfolio, making the stock its 23rd biggest position. Cutter & CO Brokerage Inc.’s holdings in L3Harris Technologies were worth $3,924,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bfsg LLC purchased a new position in shares of L3Harris Technologies during the 1st quarter worth $25,000. Transcendent Capital Group LLC purchased a new stake in shares of L3Harris Technologies in the 4th quarter valued at approximately $28,000. EntryPoint Capital LLC lifted its holdings in shares of L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after acquiring an additional 69 shares during the last quarter. Versant Capital Management Inc raised its position in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the period. Finally, Family Firm Inc. acquired a new position in L3Harris Technologies during the second quarter worth $45,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Buying and Selling

In related news, CEO Christopher E. Kubasik sold 26,190 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was 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 approximately $27,157,578.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Christopher E. Kubasik sold 26,190 shares of the stock in a transaction dated 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 directly owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the transaction, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at $11,189,760. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,312 shares of company stock valued at $13,523,822. Corporate insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on LHX shares. Wells Fargo & Company lowered their target price on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft cut L3Harris Technologies from a “buy” rating to a “hold” rating and boosted their target price for the stock from $245.00 to $257.00 in a research note on Friday, July 26th. Barclays lifted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $250.00 to $240.00 in a report on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $247.08.

L3Harris Technologies Stock Performance

LHX stock traded up $2.99 during trading on Friday, hitting $236.67. The company had a trading volume of 698,437 shares, compared to its average volume of 668,641. The firm has a 50-day moving average price of $229.66 and a 200-day moving average price of $219.88. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The firm has a market cap of $44.90 billion, a PE ratio of 38.42, a price-to-earnings-growth ratio of 1.96 and a beta of 0.72. L3Harris Technologies, Inc. has a 1-year low of $160.25 and a 1-year high of $245.60.

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

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.96%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

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.