Welch & Forbes LLC Sells 1,346 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Welch & Forbes LLC trimmed its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 1.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 138,138 shares of the company’s stock after selling 1,346 shares during the quarter. Welch & Forbes LLC’s holdings in L3Harris Technologies were worth $29,048,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Inceptionr LLC bought a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $1,309,000. Raymond James Financial Inc. bought a new stake in L3Harris Technologies in the fourth quarter valued at approximately $398,507,000. Dana Investment Advisors Inc. bought a new stake in L3Harris Technologies in the fourth quarter valued at approximately $5,456,000. Cullen Frost Bankers Inc. increased its stake in L3Harris Technologies by 0.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 67,497 shares of the company’s stock valued at $14,193,000 after purchasing an additional 378 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in L3Harris Technologies in the fourth quarter valued at approximately $851,000. 84.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on LHX. JPMorgan Chase & Co. lowered their target price on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. UBS Group upped their target price on shares of L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Bank of America lowered their target price on shares of L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Susquehanna lowered their target price on shares of L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $261.47.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $213.65, for a total value of $376,878.60. Following the transaction, the insider now directly owns 6,812 shares of the company’s stock, valued at $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 4,901 shares of company stock worth $1,059,757 over the last quarter. 0.87% of the stock is currently owned by insiders.

L3Harris Technologies Stock Performance

Shares of LHX opened at $213.82 on Friday. L3Harris Technologies, Inc. has a 12 month low of $193.09 and a 12 month high of $265.74. The firm has a fifty day simple moving average of $208.78 and a 200 day simple moving average of $227.73. The stock has a market capitalization of $40.26 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 2.42 and a beta of 0.74. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 30th. The company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Research analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.80 dividend on an annualized basis and a yield of 2.24%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s dividend payout ratio (DPR) is currently 60.99%.

L3Harris Technologies Company 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.