L3Harris Technologies, Inc. (NYSE:LHX) Shares Sold by Washington Trust Bank

Washington Trust Bank lowered its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 1.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,148 shares of the company’s stock after selling 890 shares during the period. Washington Trust Bank’s holdings in L3Harris Technologies were worth $12,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its position in L3Harris Technologies by 17.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after purchasing an additional 6,634 shares in the last quarter. Edgestream Partners L.P. raised its position in L3Harris Technologies by 151.6% in the 1st quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock valued at $822,000 after purchasing an additional 2,325 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of L3Harris Technologies by 35.1% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 35,953 shares of the company’s stock worth $7,661,000 after acquiring an additional 9,341 shares in the last quarter. Creative Planning raised its position in shares of L3Harris Technologies by 1.2% during the 3rd quarter. Creative Planning now owns 41,588 shares of the company’s stock worth $9,893,000 after acquiring an additional 512 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of L3Harris Technologies during the 2nd quarter worth about $210,886,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LHX. Susquehanna raised their target price on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Royal Bank of Canada raised their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Truist Financial raised their target price on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Finally, StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research 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 currently has a consensus rating of “Moderate Buy” and an average target price of $267.50.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the sale, the insider now directly owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 8,964 shares of company stock worth $2,179,119 over the last three months. 0.87% of the stock is currently owned by corporate insiders.

L3Harris Technologies Stock Performance

Shares of LHX stock traded down $0.02 during midday trading on Thursday, hitting $256.43. The company had a trading volume of 12,729 shares, compared to its average volume of 905,371. The company’s 50 day simple moving average is $239.97 and its 200 day simple moving average is $229.89. L3Harris Technologies, Inc. has a 52-week low of $179.56 and a 52-week high of $260.00. The stock has a market cap of $48.64 billion, a price-to-earnings ratio of 40.51, a PEG ratio of 2.06 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the business earned $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. Research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.81%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

L3Harris Technologies Company 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.