Umpqua Bank Lowers Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Umpqua Bank decreased its position in L3Harris Technologies, Inc. (NYSE:LHX) by 5.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,221 shares of the company’s stock after selling 179 shares during the period. Umpqua Bank’s holdings in L3Harris Technologies were worth $766,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in LHX. Jennison Associates LLC lifted its holdings in L3Harris Technologies by 39.7% in the first quarter. Jennison Associates LLC now owns 2,354 shares of the company’s stock valued at $502,000 after acquiring an additional 669 shares during the period. Central Pacific Bank Trust Division acquired a new stake in shares of L3Harris Technologies during the 1st quarter worth about $167,000. Bard Financial Services Inc. raised its position in shares of L3Harris Technologies by 8.0% in the first quarter. Bard Financial Services Inc. now owns 4,030 shares of the company’s stock valued at $859,000 after buying an additional 300 shares during the last quarter. Manchester Capital Management LLC grew its stake in L3Harris Technologies by 73.3% in the 1st quarter. Manchester Capital Management LLC now owns 494 shares of the company’s stock worth $105,000 after acquiring an additional 209 shares during the period. Finally, Leith Wheeler Investment Counsel Ltd. grew its stake in L3Harris Technologies by 18.8% during the 1st quarter. Leith Wheeler Investment Counsel Ltd. now owns 76,025 shares of the company’s stock valued at $16,201,000 after acquiring an additional 12,035 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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 stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the sale, the insider now owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 8,964 shares of company stock valued at $2,179,119 over the last 90 days. Company insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LHX. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $275.00 to $257.00 in a report on Friday, August 9th. Wells Fargo & Company increased their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Royal Bank of Canada raised their target price on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded up $5.85 on Wednesday, hitting $256.80. The stock had a trading volume of 48,295 shares, compared to its average volume of 905,592. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $239.48 and its two-hundred day moving average is $229.71. L3Harris Technologies, Inc. has a twelve month low of $179.56 and a twelve month high of $260.00. The stock has a market cap of $48.71 billion, a price-to-earnings ratio of 39.64, a price-to-earnings-growth ratio of 2.06 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.19 earnings per share. Analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be issued 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 yield of 1.81%. L3Harris Technologies’s payout ratio is currently 73.30%.

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.