Citigroup Inc. Sells 59,231 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Citigroup Inc. lessened its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 23.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 189,595 shares of the company’s stock after selling 59,231 shares during the period. Citigroup Inc.’s holdings in L3Harris Technologies were worth $45,099,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in LHX. Meeder Asset Management Inc. lifted its stake in shares of L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the period. Archer Investment Corp raised its position in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after purchasing an additional 43 shares in the last quarter. EntryPoint Capital LLC raised its position in L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after purchasing an additional 69 shares in the last quarter. Kennebec Savings Bank acquired a new position in L3Harris Technologies in the third quarter worth about $36,000. Finally, Versant Capital Management Inc raised its position in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after purchasing an additional 80 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the sale, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. The trade was a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 8,964 shares of company stock valued at $2,179,119. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $248.16 on Monday. L3Harris Technologies, Inc. has a twelve month low of $187.37 and a twelve month high of $265.74. The firm has a fifty day simple moving average of $244.86 and a 200 day simple moving average of $233.39. The company has a market capitalization of $47.07 billion, a PE ratio of 39.20, a P/E/G ratio of 2.06 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 (NYSE:LHX) last issued its quarterly earnings data 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. The firm 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%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the company earned $3.19 earnings per share. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 1.87%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is 73.30%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Citigroup increased their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Barclays increased their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Wells Fargo & Company raised their price objective on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Royal Bank of Canada raised their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

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.