Steel Peak Wealth Management LLC lowered its holdings in L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) by 46.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,175 shares of the company’s stock after selling 1,017 shares during the quarter. Steel Peak Wealth Management LLC’s holdings in L3Harris Technologies were worth $245,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of LHX. Acadian Asset Management LLC lifted its holdings in L3Harris Technologies by 283.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,103 shares of the company’s stock worth $272,000 after buying an additional 815 shares during the period. Lord Abbett & CO. LLC purchased a new position in shares of L3Harris Technologies in the 1st quarter valued at approximately $8,013,000. Sei Investments Co. lifted its stake in shares of L3Harris Technologies by 14.2% in the 1st quarter. Sei Investments Co. now owns 62,374 shares of the company’s stock valued at $15,643,000 after purchasing an additional 7,773 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of L3Harris Technologies by 18.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,372 shares of the company’s stock valued at $838,000 after purchasing an additional 537 shares during the period. Finally, Brighton Jones LLC lifted its stake in shares of L3Harris Technologies by 16.7% in the 1st quarter. Brighton Jones LLC now owns 1,230 shares of the company’s stock valued at $306,000 after purchasing an additional 176 shares during the period. Hedge funds and other institutional investors own 82.18% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently commented on LHX. Cowen lowered their target price on L3Harris Technologies from $260.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, January 12th. JPMorgan Chase & Co. lowered their price objective on L3Harris Technologies from $260.00 to $250.00 and set a “neutral” rating for the company in a research note on Monday, December 12th. Citigroup initiated coverage on L3Harris Technologies in a research note on Thursday, December 8th. They set a “neutral” rating and a $250.00 price objective for the company. Morgan Stanley lowered their price objective on L3Harris Technologies from $278.00 to $264.00 and set an “overweight” rating for the company in a research note on Monday, January 30th. Finally, Wells Fargo & Company lifted their price objective on L3Harris Technologies from $219.00 to $230.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $259.46.
L3Harris Technologies Stock Performance
L3Harris Technologies (NYSE:LHX – Get Rating) last issued its quarterly earnings data on Friday, January 27th. The company reported $3.27 EPS for the quarter, topping the consensus estimate of $3.21 by $0.06. L3Harris Technologies had a return on equity of 13.20% and a net margin of 6.22%. The company had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.36 billion. During the same quarter in the previous year, the company posted $3.30 earnings per share. L3Harris Technologies’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 12.3 EPS for the current year.
L3Harris Technologies Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Investors of record on Friday, March 10th were issued a $1.14 dividend. The ex-dividend date was Thursday, March 9th. This represents a $4.56 annualized dividend and a dividend yield of 2.31%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.12. L3Harris Technologies’s payout ratio is presently 83.36%.
L3Harris Technologies Profile
L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across the air, land, sea, space, and cyber domains. It operates through the following segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems. The Integrated Mission Systems segment consists of multi-mission ISR and communication systems, integrated electrical and electronic systems for maritime platforms, and advanced electro-optical and infrared solutions.
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