Hancock Whitney Corp Decreases Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Hancock Whitney Corp cut its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 53.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,274 shares of the company’s stock after selling 6,094 shares during the quarter. Hancock Whitney Corp’s holdings in L3Harris Technologies were worth $1,124,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors raised its position in L3Harris Technologies by 26.0% in the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock valued at $3,381,784,000 after purchasing an additional 3,308,506 shares during the period. Vanguard Group Inc. boosted its stake in L3Harris Technologies by 15.4% during the fourth quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock valued at $4,251,683,000 after buying an additional 2,692,771 shares in the last quarter. Mizuho Markets Americas LLC raised its holdings in L3Harris Technologies by 990.3% during the 4th quarter. Mizuho Markets Americas LLC now owns 2,204,675 shares of the company’s stock worth $464,349,000 after buying an additional 2,002,475 shares during the period. Norges Bank purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at $325,147,000. Finally, Wellington Management Group LLP increased its stake in shares of L3Harris Technologies by 34.7% in the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after acquiring an additional 1,138,549 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective for the company in a research report on Monday, April 22nd. Barclays increased their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday. Wells Fargo & Company reduced their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating and boosted their price target for the company from $245.00 to $257.00 in a report on Friday, July 26th. Finally, Susquehanna boosted their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and an average target price of $236.60.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total value of $5,911,083.00. Following the completion of the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $218.00, for a total value of $731,172.00. Following the completion of the sale, the vice president now owns 17,540 shares in the company, valued at approximately $3,823,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total value of $5,911,083.00. Following the completion of the transaction, the chief executive officer now owns 120,326 shares in the company, valued at $27,157,578.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 109,312 shares of company stock worth $24,712,822. 0.82% of the stock is currently owned by insiders.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded down $1.43 on Friday, reaching $227.79. 271,255 shares of the company traded hands, compared to its average volume of 1,000,848. L3Harris Technologies, Inc. has a 52 week low of $160.25 and a 52 week high of $245.60. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. The firm has a market capitalization of $43.21 billion, a PE ratio of 37.21, a PEG ratio of 1.88 and a beta of 0.72. The company has a 50 day moving average of $226.44 and a 200 day moving average of $216.60.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.06. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.97 earnings per share. Equities analysts forecast that L3Harris Technologies, Inc. will post 13.04 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 2.04%. L3Harris Technologies’s payout ratio is currently 75.32%.

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.