Shapiro Capital Management LLC Sells 80,377 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Shapiro Capital Management LLC lowered its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 16.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 423,002 shares of the company’s stock after selling 80,377 shares during the quarter. L3Harris Technologies comprises about 3.0% of Shapiro Capital Management LLC’s investment portfolio, making the stock its 15th biggest position. Shapiro Capital Management LLC owned approximately 0.22% of L3Harris Technologies worth $88,949,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Inc. bought a new position in L3Harris Technologies during the fourth quarter valued at about $398,507,000. Invesco Ltd. increased its holdings in shares of L3Harris Technologies by 30.5% during the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after acquiring an additional 522,861 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of L3Harris Technologies by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock valued at $4,895,534,000 after acquiring an additional 401,168 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of L3Harris Technologies by 64.2% during the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock valued at $155,691,000 after acquiring an additional 289,514 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of L3Harris Technologies during the 4th quarter valued at about $53,011,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Jon Rambeau sold 3,178 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the sale, the insider now owns 2,797 shares of the company’s stock, valued at $632,122. This represents a 53.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 1,783 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the sale, the insider now directly owns 30,620 shares in the company, valued at approximately $6,475,517.60. This represents a 5.50% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Trading Up 3.4%

Shares of LHX stock opened at $227.07 on Friday. The firm has a fifty day moving average of $214.33 and a 200-day moving average of $219.63. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74. The stock has a market cap of $42.45 billion, a price-to-earnings ratio of 28.85, a P/E/G ratio of 2.42 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the firm earned $3.06 EPS. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Tuesday, June 3rd. L3Harris Technologies’s payout ratio is 56.94%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on LHX shares. JPMorgan Chase & Co. lowered their target price on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $240.00 target price on shares of L3Harris Technologies in a report on Friday, January 31st. Wells Fargo & Company lowered their target price on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Citigroup lowered their target price on L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Finally, UBS Group raised their price objective on L3Harris Technologies from $222.00 to $226.00 and gave the stock a “neutral” rating in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.56.

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.