Independent Advisor Alliance Reduces Position in L3Harris Technologies, Inc. (NYSE:LHX)

Independent Advisor Alliance trimmed its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,064 shares of the company’s stock after selling 836 shares during the quarter. Independent Advisor Alliance’s holdings in L3Harris Technologies were worth $5,486,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Meeder Asset Management Inc. lifted its position in L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after buying an additional 86 shares in the last quarter. Archer Investment Corp raised its holdings in shares of L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the period. Kennebec Savings Bank purchased a new position in shares of L3Harris Technologies during the 3rd quarter worth $36,000. EntryPoint Capital LLC boosted its position in shares of L3Harris Technologies by 70.4% during the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after acquiring an additional 69 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of 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. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Susquehanna increased their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research note on Thursday, October 10th. Finally, Citigroup raised their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $248.16 on Monday. The firm has a 50 day moving average of $244.86 and a two-hundred day moving average of $233.39. The stock has a market capitalization of $47.07 billion, a PE ratio of 39.20, a P/E/G ratio of 2.07 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. L3Harris Technologies, Inc. has a 52 week low of $187.37 and a 52 week high of $265.74.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the business posted $3.19 earnings per share. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. On average, research analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a dividend of $1.16 per share. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.87%. L3Harris Technologies’s payout ratio is 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares of the company’s stock, valued at approximately $3,861,670.88. This represents a 15.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 8,964 shares of company stock valued at $2,179,119 over the last 90 days. 0.87% of the stock is owned by corporate insiders.

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.