Washington Capital Management Inc. Decreases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Washington Capital Management Inc. lessened its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 54.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,205 shares of the company’s stock after selling 2,625 shares during the period. Washington Capital Management Inc.’s holdings in L3Harris Technologies were worth $464,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. KCM Investment Advisors LLC raised its stake in L3Harris Technologies by 43.8% during the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock worth $4,584,000 after purchasing an additional 5,868 shares during the period. Fortem Financial Group LLC purchased a new stake in shares of L3Harris Technologies during the 3rd quarter valued at approximately $841,000. Czech National Bank lifted its holdings in L3Harris Technologies by 6.4% in the fourth quarter. Czech National Bank now owns 41,124 shares of the company’s stock valued at $8,648,000 after acquiring an additional 2,480 shares during the last quarter. JPMorgan Chase & Co. grew its position in L3Harris Technologies by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock worth $184,245,000 after acquiring an additional 178,407 shares during the period. Finally, Principal Financial Group Inc. grew its position in L3Harris Technologies by 2.0% in the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock worth $52,395,000 after acquiring an additional 4,321 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX opened at $212.12 on Thursday. L3Harris Technologies, Inc. has a 1 year low of $200.18 and a 1 year high of $265.74. The stock has a market capitalization of $40.23 billion, a PE ratio of 33.51, a PEG ratio of 1.75 and a beta of 0.75. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a 50-day simple moving average of $222.57 and a 200-day simple moving average of $232.71.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Citigroup upped their price target on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Raymond James lowered shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Truist Financial lowered their price objective on shares of L3Harris Technologies from $300.00 to $283.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $271.07.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the sale, the insider now directly owns 10,340 shares in the company, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 7,889 shares of company stock valued at $1,800,572 over the last 90 days. 0.82% of the stock is owned by corporate insiders.

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.