ARK Investment Management LLC Sells 15,627 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

ARK Investment Management LLC lessened its position in L3Harris Technologies, Inc. (NYSE:LHX) by 19.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,700 shares of the company’s stock after selling 15,627 shares during the period. ARK Investment Management LLC’s holdings in L3Harris Technologies were worth $13,416,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Columbia Trust Co 01012016 increased its stake in shares of L3Harris Technologies by 15.4% in the fourth quarter. Columbia Trust Co 01012016 now owns 2,913 shares of the company’s stock valued at $614,000 after buying an additional 388 shares during the period. Trust Co of the South acquired a new stake in shares of L3Harris Technologies in the fourth quarter valued at about $283,000. Tectonic Advisors LLC acquired a new stake in shares of L3Harris Technologies in the fourth quarter valued at about $349,000. Bar Harbor Wealth Management increased its stake in shares of L3Harris Technologies by 1.0% in the fourth quarter. Bar Harbor Wealth Management now owns 19,279 shares of the company’s stock valued at $4,061,000 after buying an additional 191 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in L3Harris Technologies during the fourth quarter worth approximately $1,219,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Activity at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the sale, the insider now directly owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other L3Harris Technologies news, insider Edward J. Zoiss sold 3,707 shares of L3Harris Technologies stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total value of $783,919.29. Following the completion of the transaction, the insider now directly owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Swanson bought 1,250 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was purchased at an average cost of $215.35 per share, with a total value of $269,187.50. Following the completion of the acquisition, the director now directly owns 1,543 shares of the company’s stock, valued at approximately $332,285.05. The disclosure for this purchase can be found here. Insiders sold 8,362 shares of company stock worth $1,772,560 in the last ninety days. 0.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Royal Bank of Canada raised their target price on L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Truist Financial increased their price target on L3Harris Technologies from $224.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, December 14th. Citigroup increased their price target on L3Harris Technologies from $238.00 to $245.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. TheStreet upgraded L3Harris Technologies from a “c+” rating to a “b-” rating in a report on Thursday, December 21st. Finally, JPMorgan Chase & Co. upgraded L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 price target on the stock in a report on Thursday, January 11th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $229.00.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded up $1.27 during midday trading on Wednesday, reaching $212.40. 161,791 shares of the company traded hands, compared to its average volume of 1,110,086. The company has a quick ratio of 0.82, a current ratio of 1.01 and a debt-to-equity ratio of 0.59. L3Harris Technologies, Inc. has a 12 month low of $160.25 and a 12 month high of $218.34. The firm has a market capitalization of $40.38 billion, a price-to-earnings ratio of 32.78, a price-to-earnings-growth ratio of 1.97 and a beta of 0.65. The firm’s fifty day moving average price is $210.63 and its two-hundred day moving average price is $195.68.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The company had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the company posted $3.27 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities analysts expect that L3Harris Technologies, Inc. will post 12.73 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.14. This represents a $4.64 annualized dividend and a yield of 2.18%. L3Harris Technologies’s dividend payout ratio is currently 72.05%.

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.