HM Payson & Co. lowered its position in L3Harris (NYSE:LHX) by 1.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,261 shares of the company’s stock after selling 4,116 shares during the quarter. L3Harris makes up approximately 1.5% of HM Payson & Co.’s holdings, making the stock its 17th biggest position. HM Payson & Co.’s holdings in L3Harris were worth $46,353,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aigen Investment Management LP bought a new stake in shares of L3Harris during the 4th quarter worth about $25,000. Virtus ETF Advisers LLC bought a new stake in shares of L3Harris during the 4th quarter worth about $25,000. Corbenic Partners LLC bought a new stake in shares of L3Harris during the 4th quarter worth about $26,000. Prime Capital Investment Advisors LLC boosted its stake in shares of L3Harris by 40.0% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 161 shares of the company’s stock worth $32,000 after acquiring an additional 46 shares in the last quarter. Finally, Cribstone Capital Management LLC bought a new stake in shares of L3Harris during the 3rd quarter worth about $35,000. Hedge funds and other institutional investors own 84.90% of the company’s stock.
Shares of LHX traded up $8.03 during midday trading on Thursday, hitting $181.49. The stock had a trading volume of 27,308 shares, compared to its average volume of 2,215,483. The company has a 50 day simple moving average of $201.72 and a two-hundred day simple moving average of $204.95. L3Harris has a twelve month low of $142.01 and a twelve month high of $230.99. The firm has a market cap of $35.15 billion, a price-to-earnings ratio of 22.92 and a beta of 0.82. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.49 and a quick ratio of 1.21.
L3Harris (NYSE:LHX) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $2.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.78 by $0.07. L3Harris had a return on equity of 17.71% and a net margin of 10.37%. The company had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the company earned $1.96 EPS. L3Harris’s revenue for the quarter was up 190.0% compared to the same quarter last year. Analysts forecast that L3Harris will post 11.61 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.87%. This is an increase from L3Harris’s previous quarterly dividend of $0.75. The ex-dividend date is Thursday, March 12th. L3Harris’s payout ratio is presently 33.73%.
In other news, CEO William M. Brown sold 65,000 shares of L3Harris stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $228.63, for a total value of $14,860,950.00. Following the completion of the sale, the chief executive officer now directly owns 432,443 shares in the company, valued at $98,869,443.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Edward J. Zoiss sold 23,710 shares of L3Harris stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $228.98, for a total transaction of $5,429,115.80. Following the completion of the sale, the insider now owns 26,568 shares of the company’s stock, valued at $6,083,540.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 120,530 shares of company stock valued at $27,148,116. 1.40% of the stock is owned by company insiders.
LHX has been the subject of several recent analyst reports. Morgan Stanley decreased their price target on L3Harris from $259.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday. Credit Suisse Group raised their price target on L3Harris from $235.00 to $252.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Benchmark initiated coverage on L3Harris in a research report on Friday, February 7th. They issued a “buy” rating and a $280.00 price target on the stock. Argus raised their price target on L3Harris from $230.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Robert W. Baird raised their price target on L3Harris from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Two equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $244.41.
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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