NFJ Investment Group LLC Lowers Position in L3Harris Technologies, Inc. (NYSE:LHX)

NFJ Investment Group LLC lessened its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 6.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 186,203 shares of the company’s stock after selling 13,260 shares during the period. L3Harris Technologies comprises approximately 1.3% of NFJ Investment Group LLC’s investment portfolio, making the stock its 15th largest holding. NFJ Investment Group LLC owned 0.10% of L3Harris Technologies worth $44,292,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. KCM Investment Advisors LLC raised its stake in L3Harris Technologies by 43.8% in the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after purchasing an additional 5,868 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake 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 during the last quarter. Creative Planning raised its stake in L3Harris Technologies by 1.2% in the 3rd quarter. Creative Planning now owns 41,588 shares of the company’s stock valued at $9,893,000 after purchasing an additional 512 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in L3Harris Technologies in the 2nd quarter valued at $210,886,000. Finally, Janney Montgomery Scott LLC acquired a new position in L3Harris Technologies in the 3rd quarter valued at $35,904,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by corporate insiders.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded down $0.86 during trading hours on Tuesday, hitting $241.96. The stock had a trading volume of 52,691 shares, compared to its average volume of 903,055. The stock’s fifty day simple moving average is $246.22 and its 200 day simple moving average is $234.23. 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 firm has a market capitalization of $45.89 billion, a price-to-earnings ratio of 38.36, a PEG ratio of 2.05 and a beta of 0.72. L3Harris Technologies, Inc. has a 1-year low of $192.95 and a 1-year high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the company posted $3.19 EPS. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. Sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.1 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.92%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 73.30%.

Analyst Ratings Changes

A number of brokerages have issued reports on LHX. Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Wells Fargo & Company raised their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a research note on Thursday, October 10th. Finally, Royal Bank of Canada raised their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.67.

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.